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Some policymakers of the European Central Bank (ECB) have become more confident in their economic forecasts, Bloomberg reported on Wednesday, citing sources familiar with the matter.

The ECB, which will release its updated projections after the monetary policy meeting on Thursday, will reportedly revise 2020 GDP expectations higher amid stronger private consumption.

Market reaction

With the initial market reaction, the EUR/USD pair jumped to a fresh daily high of 1.1820 but retreated modestly. As of writing, the pair was up 0.23% on the day at 1.1808.