Euro tumbles sharply after ECB cut the main refinancing interest rate by 25bps to record low of 0.25%. The marginal lending facility rate was also lowered by 25bps to 0.75%. Deposit rate was held unchanged at 0.00%. The decision itself wasn’t a surprise to the markets as deflation risk is expected to force ECB to loosen up policy further some how. Nonetheless, the timing was a surprise to the markets as majority of economists expected ECB to act after getting new staff economic projections in December. EUR/USD powered through 1.34 level after the release toward 1.3295 now above 1.3370. All developments suggest Euro is under broad based selling and outlook remains bearish. (Action Forex)

Ridiculous new legislation from Ontario Liberals will force barbers back to school to learn how to cut and style female hair. Men who have been cutting hair for 50 years will have to pay $5000 and spend 2000 hours in training or face stiff government fines. This will force hard working barbers out of work. Businesses will close. Families will suffer. Welcome to Kathleen Wynne’s Ontario. Now I wonder who is really on crack? Queen’s Park stay out of peoples’ lives and pockets!

Movember upcoming event “The Gentlemen’s EXPO” www.gentlemensexpo.com  Ladies can dress up their men anyway they see fit. Seeing is believing!

Sincerely, Philip Magnoli –My friends call me Don Filippo- The FX Specialist. 416-362-1300  1-877-943-6739

http://www.silverdoctors.com/market-manipulation-the-sicilian-code/#more-33212 –an interesting read