The ECB’s Draghi: press conference
- Euro zone’s GDP forecast is revised down to -0.6% in 2013, while 2014 economic growth forecast was raised to 1.1%.
- There will be gradual recovery later this year.
- Falling energy costs should add to improvement.
- Exports should benefit from global recovery.
- Medium term inflation expectation firmly anchored.
- Policy will remain accommodative as long as it’s needed. The ECB has discussed non-standard measures.
- The central bank’s technically ready for negative rates.
EUR/USD touched 1.3166 after Draghi noted that the 2014 inflation forecast was unchanged, not lowered.