On Thursday, American leader Donald Trump unveiled that he generally disliked the Fed’s decision to have interest rates lifted, telling that he was concerned about their probable impact on the American economy as well as American competitiveness…
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.
Inflation data is the most important indicator that affects the central bank’s monetary policy.
Although yesterday the US dollar index closed at the low level comparing to the daily movement, today it has been moving up again.
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