90 at 9: ECB holds rates, but cuts GDP view; Goldman sees US$85 oil

Bernard Hickey details the key news overnight in 90 seconds at 9am in association with ASB, including the European Central Bank holding its Official rate at 1% overnight. But the ECB has started its bond buying (money printing) programme, which sparked criticism from German Chancellor Angela Merkel. Also, the ECB cut its growth forecast for 2009 and 2010. It now sees Eurozone GDP falling 5% in 2009 and 1% in 2010. The Bank of England held its rate at 0.5%. Meanwhile, the oil price rose overnight after Goldman Sachs forecast an oil price closer to US$85 a barrel by the end of the year. The New Zealand dollar was steady for once at 63.3 USc overnight.