Daily FX European Market Wrap: ECB asks for structural reforms

7 September 2017: With the European Central Bank leaving interest rates unchanged the press conference was, as is almost always the case, the most interesting part of the day.
ECB president Mario Draghi told the world that inflation remains subdued, impacted by the high level of the euro, which imports lower prices. He said that there would be no change to inflation this year, but that the markets should expect lower rates of inflation in 2018 and 2019.
However, the ECB, raise its growth targets for 2017 from 1.9% to 2.2%, thereafter growth would not change from prior forecasts for the next two years.
With equity markets rising going into the news conference nothing that Mario Draghi said gave investors and traders any reason not to continue to put money into indices and the euro.
Here Jeremy Naylor looks at EUR/USD, EUR/GBP and the German DAX index of stocks.

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