Quotes from Western Union:- ECB left its monetary policy unchanged at yesterday’s meeting, but indicated a unified front when it came to returning its balance sheet to 2012 levels. There had been much criticism in the press over whether or not the ECB maintained a united front. – The format change of yesterday’s policy statement was made to address that issue, yet somehow Draghi’s ability to answer questions yesterday seemed shaky. As a result, markets appeared less convinced by his comments and continued to sell the euro. The euro landed at fresh two-year lows against the US dollar, which also took the Swiss franc to one-year lows against the buck. – While the ECB’s statement defended unanimity for returning the bank’s balance sheet to 2012 levels and for additional measures, should they be required, his ability to communicate the present accord between policy makers seemed lacking. European importers may continue to digest the statement from the ECB today, but German trade and output should offer some distraction prior to US data and next week’s Q3 GDP figures.
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