ECB’s Rehn: Economic rebound weaker than expected


European Central Bank (ECB) Governing Council member Olli Rehn was on the wires in the last hour, via Reuters, expressing his take on the euro area economic recovery and the inflation outlook.

Key quotes

“Disappointing recent data, particularly in services, amplify downside risks.”

“Economic rebound weaker than expected.”

“Shape of recovery looks like 'truncated square root'.”

“Inflation risks are on the downside.”

EUR/USD defends 1.1700

Following a U-turn from daily highs of 1.1721, EUR/USD trades modestly flat at 1.1710, weighed down by rising coronavirus cases in Europe and dismal macro data.

Eurozone final annualized CPI reading confirmed deflation in September. Focus shifts to the US Retail Sales and Consumer Sentiment data.

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