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The euro remained motionless after the European Central Bank left monetary policy unchanged. All the attention of traders was focused on the press conference, which took place a little later on.
The ECB's decision
According to the data, the European Central Bank left the refinancing rate unchanged at 0.0%, while the deposit rate also remained unchanged, at a negative level of -0.40%. The ECB noted that the rates will remain at current levels at least until the end of summer 2019, which generally met the expectations of analysts.
As for the bond repurchase program, the net asset purchases will be 15 billion euros per month until the end of December 2018. Then it is planned to complete this program. However, the ECB made a reservation that it will depend on the incoming data. Most likely, the central bank fears a slowdown in economic growth, as recently indicated by macroeconomic statistics for the eurozone.
The ECB also noted that the bank will carry out reinvestment for a long period after the completion of net purchases. Such a solution can smooth out the problems that are brewing due to the inflated budget deficit of Italy.
By the way, today in the first half of the day a report was released, which indicated that the mood in the business sentiment in Germany in October of this year worsened due to the fact that the companies have moderated their expectations.
According to the Ifo Institute, the German business sentiment index dropped to 102.8 points in October against 103.7 points in September. Economists had expected the index to be 103.0 points in October. As noted by the Ifo, the growing uncertainty in the world has a negative effect on the German economy.
Press conference of Mario Draghi
During his press conference, European Central Bank President Mario Draghi said that the eurozone economy is showing large-scale growth, but the incoming economic data, which are weaker than expected, create anxiety. Draghi also noted that inflation will move in the right direction even after closing down net purchases of assets, however, a significant degree of incentive is still needed to maintain inflation.
As for the risks to the eurozone economy, the ECB governor sees them in the policy of protectionism, as well as in volatility in emerging and financial markets. Despite this, Draghi is confident that the risks regarding the prospects for economic growth in the eurozone as a whole are balanced.
The ECB president also touched upon the problems with Italy. Although he mentioned that the issue of the budget of Italy was not discussed in detail, however, in his opinion, the higher cost of borrowing in Italy will weaken economic growth.
Given that, in general, nothing critical was mentioned at the press conference, all the attention of traders is gradually shifting to tomorrow's decision of the S&P rating agency, which should revise the credit rating of Italy. A number of experts expect restrained pressure on the euro, if the report coincides with the forecast.
S&P is expected to downgrade Italy's credit rating to BBB -, while maintaining a stable outlook.
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