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Currency Analyst since 2010

ECB Draghi's press conference (live)

QE

- Euro Zone's QE will last from Mar. 9 2015 until Sep. 2016; longer if needed. 

- QE planned volume - 60 billion euros;

- ECB will continue buying covered bonds and ABS until inflation asustainable increases;

- Details of asset purchases will be revealed after each meeting;

- Measures announced will gradually return inflation to the target.

Economy

- Latest figures point to positive developments, recovery is "broadening and firming";

- Negative risks to economy have diminished;

- Inflation will be low or negative in the coming months,  but will gradually increase later in 2015;

- Inflation forecasts came out mixed:

  • 2015 forecast revised down to 0% vs. 0.7% prior. Reason cited - oil price collapse;
  • 2016 forecast revised up to 1.5% from 1.3% prior;
  • 2017 forecast unchanged at 1.8%.

- Growth forecasts for 2015 and 2016 have been revised to the upside

  • 2015 GDP growth is now seen at 1.5% vs. 1.0% prior;
  • 2016 GDP growth is now seen at 1.9% vs. 1.5% prior;
  • 2017 GDP growth is seen at 2.1% (unchanged).

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