ECB made no changes to its monetary policy in its announcement on the conclusion of its April meeting yesterday. President Mario Draghi continued to acknowledge the risks that could possibly tamper the EZ's economic growth, but he also admitted that the recent economic expansion had made such mentioned risks less dire.
Those traders that had hoped for a shift in policy talk were left disappointed as such talk did not materialize in yesterday's press conference. Mr Draghi also added that exit out of the current easing bias had not been discussed yet. As may be expected the lack of policy shift left its mark on the Euro's performance. When seen against the USD, we saw the single currency slip to session lows of 1.0851 yesterday following the press conference.
EURUSD is heading lower even this morning, although so far the moves lower remained contained. EURUSD hit 5 1/2 month highs of 1.0950 earlier this week.
On today's economic docket we are expecting French GDP, German Retail Sales and EZ CPI estimate together with UK GDP in the morning. In the afternoon we have annualised GDP from the US as well.
