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European Central Bank (ECB) decided to increase interest rates a quarter% to 2.75%, but European central bankers said that interest rates are still too low, there are increases in space. In addition, the U.S. Federal Reserve Board officials have issued a further interest rate hike signals. Within a week, there are four U.S. officials said inflation is worrying. The Bank of England (BoE) has decided to maintain interest rates unchanged 4.5%.

Although European central bank governors said that interest rates are still too low, but the International Monetary Organization (IMF) earlier warned that the euro zone economic growth has peaked, inflation tends to slow down. The European Central Bank needs to be taken seriously when increase interest rate. After the result announced by the central bank, the euro against dollar hit a record low a month, told 1.2654.

South Korea central bank announced yesterday sudden increase in interest rates 0.25% overnight interest rate will increase to 4.25% the highest level since May 03. From the sudden increase in interest rates at the central bank of South Korea, from the energy price inflation has started to rise in the global spread of investors worrying that the U.S. economic
slowdown will affect global economic growth. U.S. May non-farm jobs increased only 75,000, and if the situation continues, the U.S. second quarter economic performance marked deterioration, stagnation in the U.S. economy arise if Federal Reserve Board continues to fight inflation as interest rates continue to rise, quite likely to lead to the United States property market and the consumer market has slowed down.

欧洲央行(ECB)决定加息四分一厘至2.75厘，但欧央行行长特里谢认为息口依然过低，尚有上升的空间。另外，美国联储局再有官员发出加息讯号，储局一周内已有四位官员表示美国通胀令人忧虑。

欧洲央行昨日议息后，决定加息四分一厘至2.75厘，以遏抑通胀，符合巿场预期，为欧央行半年来第三次加息。众经济师预料欧央行年底前将息率调升至3.25厘。而英伦银行(BoE)则决定维持息口4.5厘不变。

虽然欧央行行长特里谢认为息口依然过低，但国际货币组织(IMF)早前警告，欧元区经济增长经已见顶，通胀情况亦呈放缓，故欧央行加息时需要慎重考虑。加上欧央行公布议息结果后，市场认为该行行长特里谢言论不够强硬，拖累欧元兑美元创一个月新低，曾见1.2654。

南韩央行昨天突然宣布加息0.25厘，将隔夜利率调高至4.25厘的03年5月以来最高水平。从南韩央行突然加息来看，由能源价格引发的通胀已开始在全球蔓延，投资者开始担心美国经济放缓将会拖累全球经济增长。美国5月非农业就业职位仅增7.5万个，若情况持续，美国第二季经济表现明显转差，则美国经济随时出现滞胀，若联储局仍以打击通胀为由继续加息，则甚有可能导致美国楼市及消费市道急速放缓。

Last Friday, the United States announced new non-agricultural jobs data weak, recorded 75,000 jobs, jobs growth is a decline in a row for three months, thus facing huge selling dollars, once the euro against the dollar rose to 1.2950 level. Market to the United States Federal Reserve Board at the end of this month plus the expected rate then declined, the interest rate futures markets show increasing interest in June opportunities rate from the earlier forecast of 70% to 48%, while 10-year U.S. treasury bond rate dropped from 5.1% to 4.99%, indicating that in the short term opportunities to reduce the interest rate and the U.S. dollar pressure. I think the third quarter of the U.S. interest rate movements will still have a chance to increase interest rates 0.25% to 5.25%.

In Europe, the European Central Bank interest rate meeting will be held on June 8, Believe that will increase interest rates 0.25% to 2.75%, market should pay attention to the statement issued after the meeting will be implied for the future direction of interest rates. On the other hand, the euro zone M3 money supply growth rose to 8.8%, much higher than the 4.5% target set by the central bank to maintain a high level of local inflationary pressures continued, the CPI rose to 2.5%, which is the central bank interest rate hike pressure on the euro is expected to remain three to four times a year plus interest.

上周五美国公布的非农业新增职位数据疲弱，录得7万5千个职位，是连续三个月出现职位增长下降，美元因此而遇到庞大沽压，欧元兑美元一度升至1.2950水平。市场对美国联储局于本月底加息的预期随即下降，利率期货市场显示6月份加息的机会率由早前的70%跌至48%，而美国10年期国债息率亦由5.1厘急挫至4.99厘，显示于短期内加息机会减少，而令美元受压。我认为美息去向将于第三季仍有机会上调利率0.25厘到5.25厘。

欧洲方面，欧洲央行将会于6月8日举行议息会议，相信会加息0.25厘到2.75厘，各位应该留意会后发表的声明会否对未来息口去向有所暗示。另方面，欧元区M3货币供应年增长率上升至8.8%，远高于央行定下的4.5%目标，令区内通胀压力持续维持高水平，消费物价指数年率升至2.5%，因而令央行有加息压力，预计欧元于本年内仍有三至四次的加息机会。

美国五月份就业数据疲弱，非农业新增职位仅7万5000个，远低过市场预期的17万个，而前一月非农业新增职位数字亦由原先公布的13万8千个，向下修订至12万6千个。五月份失业率由四月4.7%下降至4.6%，为二○○一年七月以来最低，而劳工平均时薪上月仅微升0.1%，低过市场预期的0.3%，亦较四月0.6%升幅放缓。数据公布后，美元兑每欧元跌穿1.29水平，报1.2918，每美元兑日圆亦跌穿112水平，报111.92。

五月失业率微降, 有经济师表示，由于内部需求有放缓迹象，企业对于增聘人手态度谨慎，遏抑薪金的上调压力，今次的数据正与联储局指经济增长放缓的观点相吻合。

数据公布前夕，美元汇价窄幅上落，投资者希望待就业数据公布后，揣摩美国息口走势。在亚洲交易时段，每美元兑日圆见112.70，远低于周四时创下113.40的四周新高；而美元兑每欧元则回软至1.2815，周四曾高见1.2720。

美联储局五月份会议纪录称，美国通胀压力上升，显示该局有机会在月底加息，惟同日公布的制造业数据较预期差，市场焦点转移至美国经济可能会放缓，利淡美元走势。

美元较早前曾跌见1.2829兑一欧元，主要因为彭博社专栏作家巴里（John Berry）撰文称，储局有机会在月底维持利率于5厘不变，因为周四的数据大大纾缓劳工成本上涨的忧虑。

美国单位劳工成本在去年第四季本录得3%升幅，但昨日却修订为0.6%跌幅，而今年首季的2.5%升幅亦向下修订至1.6%，显示美国劳工成本增长温和。另外，首季生产力增长由原先3.2%，向上修订至3.7%，生产力上升可纾缓薪金上调的压力，以修订后的数字计算，美国劳工薪金首季按年仅增长2.8%，绝不会令通胀加剧。

储局上月的会后声明称，委员会忧虑通胀加剧的其一原因是，资源使用率处于相对高的水平，经济增长会否放缓至可持续的水平乃未知之数。但昨日经修订后的数据清楚显示，美国经济增长步伐放缓。事实上，宏观经济顾问公司昨日预测，美国今季经济增长会由上季5.3%，大幅放缓至2.6%。巴里认为，经济增长放缓，将会令联储局考虑暂停加息。

另外，巴克莱资本驻东京首席外汇策略师Toru Umemoto指出，八国（G8）财长会议即将于本月九日举行，届时将集中讨论全球经济失衡问题，属利淡美元的因素之一，所以在此之前，美元汇价偏软。

日本财务相谷垣祯一昨日表示，解决全球失衡问题，不可单靠货币汇率的改变，各国均须进行架构上的改革。Umemoto认为谷垣的言论暗示，日本已经接受了强日圆弱美元的政策。