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The latest data point to a positive but modest growth ahead and the European Central Bank needs more data to see if tentative signs of stabilisation provide a firmer ground for optimism, the accounts of the ECB’s January policy meeting showed on Thursday.

The EUR/USD pair largely ignored the ECB’s remarks and was last seen trading at 1.0790, down 0.13% on the day.

Key takeaways

“Manufacturing may be bottoming out but not clear if services slowdown is over.”

“Nowcasting model suggests growth stabilizing below potential.”

“Encouraged by a continued gradual upward trend in some core inflation indicators.”

“Important to acknowledge positive signs without being too optimistic.”

“Concern was expressed about rising stock prices not reflecting improved earnings.”

“A remark was made that higher house prices could create financial risks and local macroprudential tools may be insufficient.”