1. As soon as it was clear that the ECB was not easing today, the euro began to recover, after making a marginal new low for the year (just above .11). 2. Draghi made it clear that easing was going to be delivered in September and on several fronts including rates (with mitigating measures like tiering) and new asset purchases (not decided on instruments, which plays into speculation of equity purchases—though I strongly doubt this will materialize). 3. In addition to adding the “or lower” when describing rates through mid-2020 (I had thought it could have been extended for all of 2020), the ECB dropped the phrase of inflation target being close to but below 2%, with a commitment to symmetry. 4. On the other hand, Draghi said explicitly that a) it was hard to be gloomy (?
Marc Chandler considers the following as important: ECB, EUR, FOMC, USD
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