ECB press conference: live coverage

ECB press conference: live coverage

As expected, the European Central Bank left monetary policy unchanged. The ECB increased GDP growth forecast from 2.3% to 2.4%. At the same time, the regulator pointed out that protectionist policies create negative risks. Inflation is expected to remain subdued this year. Inflation forecast for 2019 was reduced from 1.5% to 1.4%.  

At the press conference, the ECB President Mario Draghi the ECB still expects the interest rate to remain at the current level for a long time.

The ECB has removed the sentence “If the outlook becomes less favorable… we stand ready to increase the asset purchase program in terms of side and/or duration” from its statement. According to Draghi, this move of the ECB doesn’t signal any policy changes. Actually, the regulator members didn’t discuss the changes much.

Draghi also claimed that what happened recently is not a trade war yet.

EUR/USD spiked to 1.2445 before sliding to 1.2410.


Markets Assess US-China meeting
Markets Assess US-China meeting

Hong Kong’s HK 50 index rose and the Chinese yuan edged up as traders assess the outcome of the first virtual meeting between US President Joe Biden and Chinese leader Xi Jinping.

US Inflation Jumped, Gold Keeps Rallying
US Inflation Jumped, Gold Keeps Rallying

EUR/USD has dropped sharply to the low unseen since July 2020. The reason was the higher-than-expected US inflation figures that shocked investors as the annual Inflation Rate rocketed to the 31-year high of 6.2%.

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