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ECB ready to ease monetary policy further

Thursday, Apr 07 2016
The European Central Bank is willing to ease monetary policy further, according to three top officials including its president, who echoed his U.S. peers’ concerns about an uncertain outlook for the global economy. This year would be another challenging one for the ECB, Mario Draghi wrote in its annual report released on Thursday. “We face uncertainty about the outlook for the global economy. We face continued disinflationary forces. And we face questions about the direction of Europe and its resilience to new shocks,” he wrote.
Draghi’s downbeat tone echoed that of policymakers at the Federal Reserve, minutes of whose mid-March policy meeting released on Wednesday revealed “participants generally saw global economic and financial developments as continuing to pose risks.” The ECB’s Peter Praet, emphasized the bank’s readiness to take further steps if necessary.
 
“If further adverse shocks were to materialize, our measures could be recalibrated once more commensurate with the strength of the headwind,” he said. Draghi said the ECB’s quantitative easing stimulus, under which it effectively prints money to buy chiefly sovereign bonds, would boost economic output in the euro zone by around 1.5 percentage points between 2015 and 2018.
 
Euro is currently being traded few points below 1.1370 level. Pair is likely to find support around 1.13 handle and resistance above 1.1430 level. Later today, in the US session, Unemployment Claims figures are scheduled for a release.
More in this category: « UK house prices 2.9% higher in Q1 Unemployment Claims decreased to 267,000 »

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