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ECB president Mario Draghi said he still envisages a recovery later this year or at the beginning of 2014, a slight shift in his earlier stance. He remains convinced that a recovery will work its way into the market, but did concede that it could be at a reduced rate of growth.
Part of the reason for his optimism about the EU’s ability to recover is his belief that banks have improved conditions to lend money. Mr Draghi highlighted his desire to see a banking agreement across all member countries. The ECB president also said EU-wide inflation is likely to be influenced by the broader energy commodities.
In questions after his speech, he confirmed that interest rates will remain at these lower levels for the foreseeable future, which offers a little more long-term clarity for traders and investors.
With US markets closed for Independence Day, EUR/USD and other currency markets are a little quieter than normal, but with the ECB and Bank of England offering clearer forward-looking policies, we could see some broader forex moves when US traders and investors return on Friday.