The ECB is behind the curve and oblivious to it ...Middle East

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The ECB is behind the curve and oblivious to it
The euro fell to a two-month low of 1.0812 during the ECB press conference. Some of that was on the US dollar side as retail sales beat expectations but the bulk of today's 40 pip decline in domestically driven.The ECB just doesn't seem to get it.Lagarde repeatedly highlighted downside risks to growth and even said that "all the data is pointing in the same direction" around poor growth and inflation, yet there was no pledge to do anything about it.Instead, she repeatedly highlighted data dependence. Lagarde was asked if they considered cutting 50 basis points today and indicated they didn't even discuss it.The ECB main refi rate is now at 3.25% and inflation is clearly headed towards target

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