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ECB Makes No Reference to Tighter Monetary Policy, Focus on Draghi

ECB Makes No Reference to Tighter Monetary Policy, Focus on Draghi

Martin Essex, MSTA, Analyst

Talking Points

- The European Central Bank, as expected, has left its interest rates and asset-purchase program unchanged.

- It has also decided not to give any guidance on when to expect monetary policy to be tightened.

- The key question now is whether ECB President Mario Draghi drops any hints at his 1230 GMT press conference.

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The European Central Bank, as expected, has left all its key interest rates and its asset-purchase program unchanged following a meeting of its rate-setting Governing Council. Moreover, there was no guidance on when to expect the ECB to tighten monetary policy.

Now, attention is focused on the post-meeting press conference given by ECB President Mario Draghi to see if he adds any guidance to the non-committal statement already released.

In the markets, EUR/USD was modestly easier after the ECB announcement.

Chart: EUR/USD Five-Minute Timeframe (September 7, 2017)

ECB Makes No Reference to Tighter Monetary Policy, Focus on Draghi

Chart by IG

--- Written by Martin Essex, Analyst and Editor

To contact Martin, email him at martin.essex@ig.com

Follow Martin on Twitter @MartinSEssex

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