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The European Central Bank acknowledged the slowdown in the local and global economies and said that risks are moving to the downside. But will they take the extra step and downgrade the guidance on interest rates? How low will the new growth and inflation forecasts go? And what about a new TLTRO program? EUR/USD is trading in a narrow range and is ready to explode. It is unclear what is already priced into the common currency and what isn’t.

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