Weekly Cryptonews
The first part of the week was more than optimistic for Bitcoin. However, now it is going through the correction phase.
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.
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RBNZ Meeting
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.
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