5 Mar 2015
EUR/USD oscillates as Draghi speaks, upgrades GDP forecasts
FXStreet (Córdoba) - EUR/USD spiked higher and reached fresh daily highs above 1.1100 as Draghi speaks in press conference following ECB monetary policy meeting.
Mario Draghi said it is time to focus on non-standard measures. He said government bond purchases will start on March 9 and will be conducted until September 2016 but more importantly until the bank sees sustained . He reiterated combined, public and private bonds purchases will amount 60 billion euros a month. Draghi said the technical details will be in a press release issued at 14:30 GMT Thursday.
The ECB also upgraded the GDP forecast for 2015 and 2016. ECB staff expects 2015 GDP to grow 1.5% versus a December forecast of 1%. 2016 GDP is now seen growing by 1.9% versus 1.5% previously estimated while 2017 growth is forecast at 2.1%.
However, the bank downgraded CPI forecast to 0.0% in 2015 versus 0.7% previously estimated, while 2016 CPI growth was revised higher to 1.5% versus 1.3%.
EUR/USD spiked to a fresh daily high of 1.1114 but quickly pulled back to currently trade at 1.1075, virtually unchanged on the day.
Mario Draghi said it is time to focus on non-standard measures. He said government bond purchases will start on March 9 and will be conducted until September 2016 but more importantly until the bank sees sustained . He reiterated combined, public and private bonds purchases will amount 60 billion euros a month. Draghi said the technical details will be in a press release issued at 14:30 GMT Thursday.
The ECB also upgraded the GDP forecast for 2015 and 2016. ECB staff expects 2015 GDP to grow 1.5% versus a December forecast of 1%. 2016 GDP is now seen growing by 1.9% versus 1.5% previously estimated while 2017 growth is forecast at 2.1%.
However, the bank downgraded CPI forecast to 0.0% in 2015 versus 0.7% previously estimated, while 2016 CPI growth was revised higher to 1.5% versus 1.3%.
EUR/USD spiked to a fresh daily high of 1.1114 but quickly pulled back to currently trade at 1.1075, virtually unchanged on the day.