After initially sliding to session lows following the ECB’s announcement in which the ECB cautioned it could expand QE in size and duration, the European currency has spiked sharply on far more upbeat comments from Mario Draghi, who during his press conference said that data since the meeting in early March confirm that cyclical recovery of the euro-area is becoming “increasingly solid” a statement interpreted as broadly hawkish.
Among the other upbeat comments is that risks are moving closer to being “broadly balanced”, and that “downside risks have diminished”
That said, he notes that growth continues to be dampened by sluggish implementation of structural reforms, including product markets and speaking of risks, says that “while moving toward a more balanced configuration,” still tilted to downside.
Finally, on inflation Draghi said that the ECB’s “assessment of inflation outlook not really changed.”
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