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Palladium stands out ECB decision to stabilize interest rates

2019-06-06 02:25 pm | Resource: News | No Views : 37

 Palladium stands out ECB's decision to stabilize interest rates

Palladium traded in green on Wednesday after the European Central Bank decided to leave the three key interest rates unchanged until at least June 2020.

Draghi after giving interest

European Central Bank President Mario Draghi attributed the decision to extend the direction forward, leaving interest rates unchanged by the end of June next year, to the long uncertainty including the process of Britain's exit from the European Union. Speaking on Thursday after policymakers chose a cautious step at their meeting in Vilnius, he estimated there was no risk of deflation in the eurozone, while acknowledging that the funding conditions had been somewhat tightened as equities fell and the euro appreciated.

Mario Draghi said on Thursday that the global adverse winds of the Eurozone economy are dominated by protracted uncertainty, geopolitical and protectionist threats as well as emerging market vulnerabilities. The President of the European Central Bank, which has less than five months before the end of his mandate, said that domestic manufacturing is particularly affected, against flexibility in services.

"The moderate expansionary fiscal position in the eurozone supports economic activity, but countries with government debt are in dire need of continuing to rebuild financial stocks, and all countries should achieve a more appropriate composition of fiscal growth," he said in reference to Italy. He said that the so-called mini BOTs, a virtual version of the religion of small denominations by the government in Rome, would be illegal.

The rate-maker notes that market movements point to concerns that protectionism "casts doubt on the multilateral system".

Precious metals trading
  • Gold and Silver also rose 0.28% and 0.66% to $ 1334.08 an ounce and $ 14.91 an ounce, respectively, at 3:47 pm CET.
  • Palladium continued its previous gains and jumped 1.10% to go to $ 1,347.78 an ounce at 3:46 pm in central Europe
  • Platinum provided the only negative offer, dropping 0.47% to go against $ 800.84 an ounce at the same time.


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