Pressure builds for ECB to cut more deeply

With the BOE pulling the rip-cord on a dramatic 150 bp cut, pressure builds on the ECB to do more than the 50 bp that has been anticipated. Trichet has made himself available to the media after the press conference which I interpret as a chance to explain hi more-aggressive-than-expected actions.

EUR/USD is marginally lower, at 1.2830 while cable has rebounded from a quick slide to 1.5722, now at 1.5835.