Monday, 18 June, 2018

Euro jumps after European Central Bank softens stimulus view

The EUR  USD 1 Minute Versus 1 Month ECB Response Euro jumps as ECB hints at the end of quantitative easing
Jay Anderson | 10 March, 2018, 01:52

The ECB chief also wondered aloud, "what's going to be the response of the exchange rate?"

European Central Bank President Mario Draghi added his voice to those criticizing the US tariff threat and called on governments to work together rather than end up in a tit-for-tat dispute.

European Central Bank added that the Eurosystem will reinvest key payments from maturing securities acquired under the asset purchase program for a longer period of time after the end of its net asset purchases, and in any case for as long as necessary.

Its removal implies that the monthly rate of purchases, now Euro 30 billion, would not be increased. "Ultimately they will remove the easing bias", Oliveri said, recommending buying the euro on dips.

The move was not totally unexpected as over the past few months as a divide in Governing Council had surfaced with some policymakers seeking such a tweak to the forward guidance language.

The central banker did not call out the USA president by name, but he was responding to a question about the risk Trump's tariffs posed to the European economy.

However these gains were quickly unwound as Draghi spoke to reporters in a press conference shortly afterwards as he suggested that ECB's policy would remain "reactive" as he signalled that the bank's inflation outlook remained subdued.

Chinese Foreign Minister Wang Yi said that a trade war with the USA "is never the right solution", however, China will counteract with "the necessary and justified response".

The EUR  USD 1 Minute Versus 1 Month ECB Response

In New Zealand, traders will be watching today for electronic card spending for February, expected to show growth slowed to 0.1 percent from 1.4 percent in the previous month. AB Foods rose 0.7 per cent following an upgrade to "buy" from Goldman Sachs on expectations a weak dollar would underpin its profit recovery.

The currency was down by 0.3 percent to 1.2376 against the dollar.

Draghi said that the European Central Bank is monitoring the exchange rate "with regard to their possible implications for the inflation outlook".

"The effect on confidence is very hard to assess, estimate, forecast, but if it's a negative effect on confidence that is going to be negative on both inflation and output", he said. Meanwhile, it was too early to declare victory, given that inflation remains below target. "We need confidence, persistence and patience", he said.

The ECB Governing Council meets on Thursday in Frankfurt, Germany, announcing its policy decision at 1245 GMT.

The leader of Italy's anti-establishment 5-Star Movement said on Friday his party was preparing economic policy proposals for other parties as a way of finding common ground to form a government.

"The gender balance ought to be improved and this ought to happen at all levels", the European Central Bank president said on Thursday when asked by a journalist how the European Central Bank president assesses the institution's gender balance in light of International Women's Day. However, Watson said this was consistent with Draghi's dovish view.




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