Sabato, 25 Mag, 2019

Though economy surprises, ECB to stick with stimulus program

Though economy surprises, ECB to stick with stimulus program Though economy surprises, ECB to stick with stimulus program
Acilia Dean | 21 Giugno, 2017, 13:43

The greenback held gains against a basket of currencies on Thursday as investors took stock of former FBI Director James Comey's testimony to the U.S. Senate, while the euro weakened after the European Central Bank kept interest rates on hold.

Mr Draghi stressed that there is no end on the horizon to the ECB's easing programme, which involves buying €60bn-worth of bonds each month to flush more cash into the economy.

"Indeed, with stories circulating that the European Central Bank will downgrade its inflation forecasts through to 2019, the door is open for sustained policy support going forward".

The ECB has confirmed that it will continue its asset purchase program until the end of December this year - and further still, if necessary. Traders are awaiting the outcome of today's United Kingdom election, while the European Central bank made no changes to its monetary policy.

The eurozone is projected to grow at a "somewhat faster pace" than previously expected, and the "risks to the growth outlook are now broadly balanced", Draghi said during his press conference following the governing council meeting.

Meanwhile, the by-products of this ultra-loose monetary policy have become clear. That is a particular problem for Germany, which is Europe's savers nation, who are now having to accept negative interest rates, while Finance Minister Wolfgang Schäuble is vehemently opposing expansionary policy.


Brent crude futures traded at $48.36 per barrel, up 0.6 percent so far on Thursday, though they had fallen 4.1 percent the previous day. That's essentially a effect of a slide in oil prices, but core inflation has repeatedly failed to hold above one per cent.

This is close to the ECB's target, with April's figure even sparking some concern the rate was rising too quickly, but Draghi pointed out that continues to be largely due to temporary factors such as higher oil and food prices.

Quizzed on the speculation that European Central Bank may fail to bring inflation to its "below, but close to 2 percent" target, Draghi said there was no ground for such a scenario now as the inflation picture has not changed much.

Draghi made the statement as the central bank lowered its forecasts for inflation this year to 1.5 percent from 1.7 percent, and for next year to 1.3 percent from 1.6 percent.

The euro declined versus all of its G-10 peers and fell below 1.120 versus the dollar, it's lowest this month, amid selling by interbank and short-term trading accounts, some of which were unwinding stale euro longs.

Bloomberg report that - "an official familiar with the matter" - says the ECB's draft projections show inflation at roughly around 1.5% each year in 2017, 2018 and 2019. That promise might be dropped in July as a final prelude to the stimulus exit announcement in September.

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