The ECB left monetary policy unchanged during its October meeting. Interest rates were kept at record-low levels and the PEPP quota was maintained at €1.85 trillion. The Governing Council continues to judge that favourable financing conditions can be maintained with a moderately lower pace of net asset purchases under the pandemic emergency purchase programme (PEPP) than in the second and third quarters of this year.
Investors will focus now on ECB President Lagarde comments at the press conference regarding the economic outlook, inflation and fiscal stimulus. Still, President Christine Lagarde is likely to reiterate the central bank is in no hurry to tighten its policy and will try to push back against expectations for an interest rate hike next year, even though inflation is seen hitting 4%, twice the ECB's target. A recent spike in consumer prices due to ongoing supply disruptions and an unprecedented energy crisis has raised concerns about the central bank's narrative that inflationary pressure is temporary and the economy requires depressed borrowing costs.
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EURUSD saw relatively small reaction to today’s data releases. The most popular currency pair continued to trade around 1.1610 level. Source: xStation5
