Euribor steady after Mersch cool on ECB rate cut Key Euribor bank-to-bank lending rates were little changed on Wednesday after a European Central Bank policymaker played down chances of further rate cuts. ECB Executive Board member Yves Mersch told a newspaper he did not see the logic of a debate about the bank cutting its main rate from the current record low because unconventional tools were working better than conventional monetary policy. The ECB kept rates on hold this month despite new forecasts suggesting the euro area economy will contract next year as it has this. On Wednesday, three-month Euribor rates, traditionally the main gauge of unsecured bank-to-bank lending, dipped to 0.183 percent from 0.184 percent. The six-month rate was unchanged at 0.318 percent while the one-week rate rose to 0.078 percent from 0.077 percent. The overnight Eonia rate rose to 0.072 percent from 0.071. Dollar-priced bank-to-bank Euribor lending rates were lower, with three-month rates easing to 0.55462 percent from 0.55615 percent and one-week rates falling to 0.36077 percent from 0.36154 percent.
Posted on: Mon, 19 Aug 2013 09:25:06 +0000
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