Show less
What AUDJPY tells me about risk appetite: Jakobsen
Steen Jakobsen
Yesterday at 10:29 GMT
Why I’m shorting Tesla: Garnry
Peter Garnry
Yesterday at 10:05 GMT
Dollar weakness dominating FX markets: Hardy
John J Hardy
Yesterday at 8:29 GMT
Why I’m buying EURGBP
Ian Coleman - First 4 Trading
Yesterday at 6:38 GMT
The FX week ahead: Hardy
John J Hardy
Monday at 10:18 GMT
Shorting the S&P 500: Berger
Serge Berger
Monday at 6:55 GMT
Why gold and silver remain strong - Hansen
Ole Hansen
Friday at 9:37 GMT
Dollar may drop: John Hardy
John J Hardy
Friday at 9:03 GMT
Gold moving higher: Lambert
Clive Lambert - FuturesTechs
Friday at 6:27 GMT
Why I’m shorting EURUSD: Coleman
Ian Coleman - First 4 Trading
Thursday at 6:36 GMT
My view on the BoJ: Hardy
John J Hardy
27 April 2016 at 12:07 GMT
Saxo TV / 13 May 2014 at 8:20 GMT

Beecroft: The ECB's foreign exchange rate obsession

Nick Beecroft
"I wouldn't be surprised to see an ECB deposit rate of minus one percent", the words of Nick Beecroft, the Chairman of Saxo Capital Markets. He says the European Central Bank is obsessed with the strength of the foreign exchange rate and history tells us the tool of choice to tackle this is a major deposit rate cut; we've seen something similar in Denmark and Switzerland.
However, he says that all the tools the ECB has at its disposal have drawbacks and notably, a major cut in the deposit rate can mess up the operation of the inter-bank markets. He also points out that one of the drivers of euro strength isn't going away, and that's the outflow of capital from Russia and associated regions into the single currency, which is perceived as having safe-haven status. A kind of currency war is developing, says Nick. 


The Saxo Bank Group entities each provide execution-only service and access to permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on or as a result of the use of the Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. When trading through your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of ourtrading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws. Please read our disclaimers:
- Notification on Non-Independent Invetment Research
- Full disclaimer

Show latest activity
Check your inbox for a mail from us to fully activate your profile. No mail? Have us re-send your verification mail