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8 Mar 2013
Forex Flash: Eurozone contraction of 0.5% in 2013 expected - Standard Chartered
The ECB held rates despite a weakening GDP forecasting and well-below-target inflation. According to Standard Chartered, "a rate cut – discussed on 7 March – is still possible, in our view, though the ECB’s tolerance for pain is high", adding that "we have downgraded our growth forecast and now expect a contraction of 0.5% in 2013."