European Central Bank Monetary policy meeting kept official interest rates and policy unchanged this morning, below the summary of president Draghi’s press conference;

  • Exchange rate isn’t a policy target
  • ECB didn’t discuss reinvestments
  • Uncertainty around inflation outlook is receding
  • Significant monetary policy stimulus still needed
  • Uncertainty related to trade remain prominent
  • Euro has appreciated considerably over the past 12-18 months
  • ECB to keep rates unchanged at least through the summer of 2019

EURUSD traded lower to mid 1.16