European Central Bank joins global push to help economy

11 March, 2019, 10:33 | Author: Mary Valdez
  • European shares pull back ahead of ECB meeting

"Lower interest rate expectations in Europe mean a likely rise in the USA dollar".

However, the bank's governing council rated the probability of a euro zone recession as "very low", he told a news conference.

But investors do not believe that the European Central Bank will be able to meet even this target and pushed out their expectations on a rate rise even further into the future.

Thursday announced to keep the key interest rates for the euro area unchanged at least through the end of 2019.

"Yesterday, the Riksbank suggested that its forecasts for repo rate hikes were simply that - a forecast but not a promise", HSBC strategists said in a daily note.

While investors had long stopped pricing in an ECB rate hike this year, few expected the bank to change its policy message at this meeting.

The single currency was unable to claw back any of Thursday's losses during early Asian business, and the rush to safe investments by traders kept riskier, higher-yielding units beaten down.

When fresh projections showed growth at just 1.1 per cent in 2019, less than half of what the European Central Bank expected just a year ago, even more hawkish rate-setters agreed that there was little value in delaying or staggering decisions.

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Policymakers had prepared for more nuanced measures and Draghi caught them off guard by pushing for unexpectedly generous stimulus after forecasts showed economic growth fading, four sources familiar with the discussion said.

In a further sign that the ECB's new guidance had prompted investors to reassess the outlook for rates and inflation in the bloc, long-term inflation expectations also fell.

The worries knocked European stock markets lower where the STOXX 600 index suffered its biggest daily percentage drop in a month and worst week this year.

That being said, I would still expect headwinds to persist for the euro given the announcements here.

The measure is tracked closely by the European Central Bank.

The MSCI Asia Pacific Index dropped 1.4 percent as of 5:39 p.m.in Hong Kong as China's trade slumped amid continued uncertainty from the trade war, with exports falling and imports weakening in February. The purchases were a way of pushing newly created money into the economy to raise inflation from dangerously weak levels and support a recovery from the Great Recession and a crisis over too much debt in the eurozone.

Unless there is a news report which hints at positive change in proceedings of Brexit or United States macro data sees dovish outcome, the GBPUSD pair is likely to continue trading rangebound with bearish bias during today's market hours and in near future ahead of upcoming UK parliament meeting.

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