Why is the Turkish lira crawling?
The beginning of the month was quite eventful for the Turkish lira. However, this week it started to lose its volatility. What is happening?
Highlights of the ECB meeting and press conference.
The European Central Banks left its key interest rates. The Council decided to remain the rates at the present levels for an extended period of time, and well past the horizon of the net asset purchase.
The asset purchase program is left at 60 bln of euros per month. It will be run until the end of December 2017, or beyond, if necessary, until the ECB’s policymakers sees a sustained adjustment in the path of inflation consistent with their target.
Press Conference
- Assets purchases are still need; they will be maintained until sustained inflation around the 2% level.
- There is a stronger momentum in the euro area economic growth
- Risks to the growth outlook is broadly balanced
- If growth projections are distorted, the ECB is ready to increase its asset purchase program in size and duration
- ECB growth outlook has been revised upwards.
- HICP was volatility due to temporal increases in energy and services prices.
- The inflation headline will remain at current level in the upcoming months, there is no convincing sign of pickup
- The ECB policymakers expect only gradually rise in inflation figures
- Inflation expectations are revised downwards, while the growth expectations – upwards.
The euro moved a little bit lower against the USD on the lowering of the inflation estimates by the ECB policymakers.
Anastasia Mileshkina
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