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EUR/USD fell after the ECB meeting
The European Central Bank announced on Thursday that it would extend its bond purchases at a reduced rate.
The ECB would cut monthly asset purchases euro from 60 billion euros to 30 billion starting from January while also extending the scheme by 9 months to September. The central bank is ready to increase purchases if the outlook becomes less favorable.
In his opening statement, Mario Draghi underlined that domestic price pressures remain muted and ample degree of monetary policy stimulus is still necessary. At the same time, risks remain broadly balanced and economic expansion continues to be solid and broad-based.
Answering the journalists’ questions at the press conference, Draghi said that the ECB decision wasn’t unanimous. The 'large majority' of members preferred to keep bond buys open-ended. At the same time, central banker didn’t appear to rule out a rate hike in 2019.
The announcement was in line with the market’s expectations. EUR/USD from 1.1800 to 1.1740.
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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