Mario Draghi, President of the ECB, is delivering his remarks on the bank's monetary policy decision in a press conference with key quotes, via Reuters, found below.
- ECB expects 2018 GDP growth at 2.1 % vs 2.4% seen in March.
- 2019 GDP growth 1.9% vs 1.9% in March.
- 2020 GDP growth 1.7% vs 1.7% in March.
- The underlying İnflation is expected to pick-up towards the end of the year.
- Inflation to hover around current level for rest of the year.
- ECB expects 2018, 2019, 2020 inflation at 1.7%.
EUR/USD turns negative below 1.1800 post-ECB.
The European currency loses traction today after the European Central Bank left its monetary policy unchanged at today’s meeting, with EUR/USD around the 1.1770 area for the time being.
ECB: 3m Taper announced while rates remain on hold - TDS.
The ECB announced the end of its QE programme today, with a 3m taper at €15bn/month through to December 2018, notes Jacqui Douglas, Chief European Macro Strategist at TDS.
About Mario Draghi
The European Central Bank's president Mario Draghi was born in 1947 in Rome, Italy. Graduated of the Massachusetts Institute of Technology (MIT), Draghi became the president of the European Central Bank in 2011. As part of his job in the Governing Council he gives press conferences in the back of how the ECB observes the current European economy. President's comments may determine positive or negative the Euro's trend in the short-term. Usually, if he shows a hawkish outlook, that is seen as positive (or bullish) for the EUR, while a dovish is seen as negative (or bearish).
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