Instant view: Euro sinks as Draghi underlines downside risks to economy

Summary:

Euro continues sliding as Draghi speaks during his press conference
Draghi stresses downside risks ahead, ECB cuts macro forecasts
Details regarding a two-tiered system aimed at easing downward pressure on banks’ profitability to be released right after the press conference

The euro keeps declining when Mario Draghi is speaking at his press conference in Frankfurt. Departing ECB’s President signalled a lot of downside risks to the economic outlook including protectionism and a downturn in manufacturing. The ECB also revised down its projections to both growth and inflation with inflation seen at 1.5% in 2021, below the ECB’s target. Draghi also said that the details regarding a two-tiered system aimed at easing downward pressure on banks’ profitability to be released right after the press conference. As usual, he also urged governments with fiscal space to act in a timely manner.

The EURUSD is sinking when Draghi is speaking in Frankfurt. Source: xStation5

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Instant view: Euro sinks as Draghi underlines downside risks to economy

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