Constâncio says the ECB has room to act on a rate cut

(Source: Reuters)

Following further bad Eurozone data European Central Bank (ECB) vice president Vítor Constâncio has said:

We certainly still have some margin of manoeuvre to take decisions, and as President Draghi said in the latest press conference we stand ready to act if economic conditions continue to provide bad news, as has unfortunately been the case.

So far banks Credit Suisse, RBS, UBS, JP Morgan, Barclays and Nomura predict an ECB rate cut by June. The euro is fairly flat against the dollar for the day, up by just 0.08 per cent.