The ECB did not surprise the market. The plan to halve the asset purchases in Q4 before stopping at the end of the year was reiterated. In the economic assessment, ECB President Draghi sounded a bit more optimistic, and this, coupled with the decline in the US headline and core rates of CPI saw the euro rise to new highs for the month (~.1685). The ECB staff did shave its GDP forecast this year and next. In March, the staff forecast this year's growth at 2.4% and this was cut to 2.1% in June and was pared to 2.0% today. Next year's growth was projected at 1.9% in March and June. It was lowered to 1.8% today. Growth forecasts on for 2020 were left unchanged at 1.7%. The staff left its inflation forecasts unchanged at 1.7% throughout the forecasting
Marc Chandler considers the following as important: ECB, EUR
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