Update: the ECB has cut interest rates by 25bps as fully expected, but accompanied the decision with a hawkish statement, rejecting further imminent easing, and also raised growth and inflation forecasts. The Euro advanced. US jobless claims disappointed with 229K, weighing on the US Dolar.
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Why the ECB matters for markets
The European Central Bank sets monetary policy for 27 countries within the eurozone, and impacts the value of the Euro. Moreover, as the second-largest central bank, policymakers in Frankfurt have an impact on assets beyond the common currency, such as the Pound, Gold, and broader stock markets.
With inflation falling to below 3%, hawks have joined doves in the ECB, supporting an initial rate cut. There is uncertainty about the next decisions.
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(This story was corrected on June 6 at 07:45 GMT to say that the European Central Bank is set to cut interest rates for the first time since 2019, not 2020.)
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