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ECB's Draghi signals Governing Council ready totake further action if necessary

FXStreet (Łódź) - Speaking at the Eurogroup meeting on Friday, ECB head Mario Draghi said that the Eurozone recovery should proceed at a modest pace, as the measures adopted by the central bank at the September monetary policy meeting underpin inflation expectations.

The ECB head also reiterated that the Governing Council is ready to take further action should the need arise and urged EU governments to push ahead with structural reforms for investment, otherwise growth would remain sluggish.

Draghi expressed confidence that due to the impact of new measures, the ECB balance sheet should gradually climb towards levels seen in early 2012.

During the Q&A part of the meeting, Draghi said that the ABS program would kick off with or without guarantees but the possibility for the ECB to buy lower-quality ABS with government guarantees would make the program more effective.

The floor is 1.6200 for now; back to 1.6250

The GBP/USD was unable to extend its recovery beyond 1.6260 in the European session and even the pair was rejected down to 1.6200. However the cable bounced here and now it is trading back at 1.6250 at the same time the US retail sales data was released.
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