Live Coverage: European Central Bank set to rock Euro, Gold, other assets

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. 

Live coverage of the June 2024 ECB decision.

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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.)