Mario Draghi did some spectacular jiujitsu by starting the presser with an upbeat assessment but then cooling things down. Yet beyond the moves on EUR/USD, what can we expect from the ECB?
Here is their view, courtesy of eFXnews:
SEB Research comments on today’s ECB meeting noticing that the central bank maintained its steady hand and left all policy instruments and the forward guidance unchanged.
In that regard, SEB notes that ECB’s press statement was only adjusted to account for the lower monthly QE purchases since 01 April, but otherwise was a copy/paste from the March release, while the introductory statement presented by Draghi, on the other hand, showed numerous changes of the wording in comparison to March, relating mainly to economic developments since the last meeting.
“The outcome of the meeting was fully in line with our expectations and, as such, confirms our outlook for ECB policy for the later course of 2017,” SEB argues.
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