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NewsBreak - ECB Holds Steady, Focus Turns to Lagarde

NewsBreak - ECB Holds Steady, Focus Turns to Lagarde

Dec 12, 2019

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The European Central Bank left key rates on hold on Thursday, at its first meeting chaired by new president Christine Lagarde.

  • Attention will now turn to Lagarde’s first press conference at 08:30 AM ET (01:30 GMT) as investors look for clues about the future of stimulus plans

    • Deposit rate facility remains at -0.50%

    • Main refinancing rate remains at 0.00%

    • Marginal lending facility remains at 0.25%

  • Rates to remain at present or lower levels until inflation outlook robustly converges to a level sufficiently close to, but below 2%, ECB statement says

  • Bond buying to continue until "shortly before" rates are raised

  • Expects QE to run "for as long as necessary"

  • EUR/USD at 1.1130 from around 1.1132 ahead of the announcement

  • EUR/GBP at 0.8456 from 0.8451 earlier

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