No change from the European Central Bank conference. Interest rates were left unchanged

There was little change from the European Central Bank press conference yesterday. Interest rates were left unchanged

There was little change from the European Central Bank press conference yesterday. Interest rates were left unchanged, as widely anticipated, and President Mario Draghi chose to avoid talks surrounding more easing, stating that the ECB policies should be allowed more time to work. On a more positive note, the ECB will be pleased to see that the euro fell, and ended the day lower against the US dollar and the pound.

The ECB remained dovish yesterday, and the single currency area outlook remains skewed to the downside, with interest rates expected to remain at present, or lower, for an extended period of time. However, Draghi noted that on the bright side, broad financing conditions improved, with low oil prices supporting domestic demand.

Initial jobless claims falls in the US

Away from the ECB and over in the US, the latest initial jobless claims fell to 247k against a market consensus of 265k, marking a positively fresh low for the first time since 1973. Further data from the US disappointed, with the Philly Fed manufacturing survey falling back into the red.

Disappointing retail sales data from the UK

Over in Europe and away from ECB focus, retail sales data from the UK disappointed for March. Excluding auto fuel, sales were down sharper than expected to -1.6% MoM (vs. -0.3% expected), while including fuel, sales were also down heavily to -1.3% MoM (vs. -0.1% expected).

Reported by our suppliers Currencies Direct.

 

 

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