The European Central Bank left all its policy measures unchanged and this was fully anticipated. The central bank refrained from changing the statement. In the press conference, Mario Draghi expressed confidence that the current “moderation” is only minor, due to temporary factors and will likely go away. In addition, the ECB President said there was no discussion about the exchange rate. Without dovish comments and talking down the exchange rate, EUR/USD made its way higher, above 1.22. All in all, this was an upbeat press conference even though there was no mention of the end of the QE program.
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