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European Central Bank keeps policy measures unchanged

European Central Bank keeps policy measures unchanged

Even when the European Central Bank does nothing, it can still move markets. Net sales were up 2.8% on a pro forma basis, at constant exchange rates and adjusted for week 53 in 2015.At the same time, euro longs were unwinding after Draghi reiterated that the bank had not discussed tapering its asset purchases.

Since the Governing Council's last meeting, when the most recent figures for November showed average inflation of 0.6 percent across the eurozone, the picture has shifted.

Draghi stated that there is still little sign of increases in shop prices and workers' wages, which is a symptom of economic weakness.

But a sudden jump in inflation, from 0.6 percent in November to 1.1 percent in December - and as high as 1.7 percent in Germany - has emboldened critics of the bank's loose monetary policy.

Draghi fielded numerous questions on this during a press conference yesterday.

The euro fell half a cent against the dollar Thursday as ECB President Mario Draghi delivered a dovish take on the apparent pick-up in eurozone growth and inflation.

He said it will continue, as announced previous year, until December 2017, but be cut from €80bn to €60bn per month from March.

But the defining moments for the dollar this week both surrounded Donald Trump.

European Central Bank keeps policy measures unchanged

Elsewhere, the European Central Bank and the BoC policy meetings will attract some attention even if they may fail to leave a lasting imprint on the markets.

There is a growing divergence in inflation rates across the eurozone.

Asked about incoming U.S. president Donald Trump's remark that the dollar is "too strong" and "it's killing us", Draghi noted that there is a "very strong global consensus to refrain from competitive devaluations".

Looking at the daily EURGBP chart, the formation of a double bottom at 0.8625 hints at a slowdown in the recent euro depreciation against the pound.

"It is absolutely premature today to claim victory over a weak economy", ECB board member Yves Mersch - one of the more hawkish voices at the top of the bank - said earlier this month.

Germany's media isn't normally as breathless as, for example, the British press, but it's always willing to whip Germans up into a frenzy over the ECB's zero interest-rate policy, especially in an election year.

However, Yellen breathed life back into the greenback Wednesday with a speech in which she said the USA economy was meeting the central bank's inflation and employment goals, and was confident it would push on.

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