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ECB bides time to September - TD Securities

FXStreet (Łódź) - Richard Kelly, Head of European Rates and FX Research at TD Securities comments on today's ECB monetary policy meeting which was rather uneventful, as expected.

Key quotes

"ECB leaves all rates unchanged with limited changes to the prepared statement."

"The 'moderate recovery' was now 'uneven,' geopolitical risks are now 'heightened,' but lending to non-financial corporations is now showing 'some signs of stabilization' instead of 'continues to be weak'."

"The Q&A showed Draghi unwilling to say that geopolitical tensions increased the downside risks, but merely continued to be a factor there, and he reinforced slightly more optimism on credit being 'less bad' even though he saw recent data suggesting a slowing down of growth momentum."

"September will be a much more volatile month for European markets with the ECB meeting on September 4th with new forecasts, and the first TLTRO tender September 18th, the day after the FOMC, which would leave the October meeting as the first best chance to hear an updated assessment from the ECB."

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