The French 10 years was 3 basis points to 3625

The economic situation begins to improve, without that monetary policies are changed. But the measures to cope with the crisis begin to be reduced. "It is, in substance, that wanted to serve the major central banks, according to the summary of René Defossez, strategist at Natixis. In the wake of the US Federal Reserve on Wednesday evening, the European Central Bank (ECB) and the Bank of England retained their status quo on rates, respectively 0,5 and 1. These decisions were widely expected by economists, so that they are still non-conventional programmes which have the attention of the operators.

First of all, at the British institution, asset buyback program was increased by 25 billion pounds, the bearing at 200 billion. Professionals on bon ",". Late afternoon, the 10-year rate was 7 basis points, 3,854. "Investors see it as the beginning of the end of the program, worried of the abundant supply of paper", says René Defossez. At the same time, the book has recorded a brief upward movement following the announcement. However, it was relatively stable in the late afternoon, 1,6564 dollar.

For his part, Jean-Claude Trichet, President of the European Central Bank, has made comments which momentarily affected the bond market and participated very slightly support the euro. The ECB has proved a little more optimistic for economic recovery in euro-zone, in the view of many commentators, including suggesting that it could meet its forecast in December. Indeed, as economists of ING, the Bank expects an improvement in the second part of the year, while she spoke earlier of a stabilization.

"Neutral decision for the euro".

Jean-Claude Trichet indicated that measures exceptional implemented are more necessary in the same way in the future. He gave no specific details on the operation of refinancing to a year, put in place before the summer - the institution had injected in June, a record amount of cash-, but has not denied that it could be completed. "At the press conference, he clearly left believing that this refinancing one year operation would not be renewed after December, souligne Vincent Chaigneau, responsible for the exchange rate of the Société Générale strategy." The speech of Trichet is relatively measured, but suggests a gradual withdrawal of non-conventional mesures. "Finally, the ECB reiterated its warning to Governments who have let their deficits, pointing to the risks to the debt. The European currency climbed after the decision of the Central Bank, before reducing its earnings. It is mounted above 1.49 dollar at the meeting, is dealing with 1,4856 dollar late afternoon, against 1,4842 dollar, the previous day.

However, in the opinion of good number of specialists, the good of the euro against the dollar is more to the account of the continuation of the increase in the equity markets, on a background of positive macroeconomic statistics (see opposite). "The decision of the ECB is broadly neutral for the currency." There were fears that the institution announced today yesterday a future increase in the price of the operation of refinancing loans. Such announcement would clearly have set up the euro, given that the Fed has not announced a major change. "Or an appreciation of the euro is opposite Jean-Claude Trichet wants," said David Deddouche, strategist changes of Société Générale. On rates, the 10-year German tended by 3 basis points, to 3,625, while the 2 years lost 1 point, 1.291. The French 10 years was 3 basis points to 3,625. The Agency France Treasury has conducted auctions for EUR 7.7 billion. "They well happened across, even that for April 2017 maturity received low demand," says René Defossez.