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ECB Talking Points

  • EURUSD Drops to Session Lows
  • TLTROs to Begin From Sep 2019

ECB Press Conference Recap

In light of the weaker than expected economic data from the Eurozone the ECB have downgraded both their growth and inflation forecasts, which is not a huge surprise, given the deteriorating fundamentals. Consequently, the downgrades have allowed for the ECB to open the stimulus taps yet again.

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ECB Announces Fresh Stimulus and Alters Rate Guidance

EURUSD fell 30pips to session lows of 1.1273 after the ECB announced that they will be delivering fresh stimulus in the form of TLTRO 111, which will be starting from September 2019 and ending in March 2021. Alongside this, the central bank has also updated their rate guidance, having stated that “the Governing Council now expects the key ECB interest rates to remain at their present levels at least through the end of 2019, from the “end of summer 2019”.

What Are TLTROs

TLTROs – The ECB’s Other Stimulus Tool

Money Markets Push Back Rate Hike Expectations

As it stands, markets now see a a 20% likelihood of a 10bps rate hike this year, down from 40%.

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EURUSD PRICE CHART: 1-Minutes Time Frame (Intra-day)

**Update**EURUSD Drops as ECB Announce TLTROs and Alters Rate Guidance

For a more in-depth analysis on EUR, check out the Q1 Forecast for EUR

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX