ECB chair, Christine Lagarde, remarks:
- I hope that inflation will be back at target sooner than projected; inflation numbers are relatively reassuring and disinflation is on the right track
- We can't jump to the conclusion that it's a done deal. Also, it doesn't mean that we will do 25 (rate cut) every time
- Not all inflation components need to be at 2%, but as for now rates will be restrictive as long as it's necessary
- Pace of rate cuts to be determined, wage growth starting to abate now
The market clearly sees the US economy at much better condition, than European countries. Also today, the IMF revised to the upside US GDP growth in 2025 to 2.2% YoY, while cutting growth forecasts for Germany both for 2024 and 2025. Now IMF expects German economy to stagnate this year, vs 0.2% YoY growth forecasted previously.
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EURUSD weakened amid pressure from US dollar. Also, Fed Richmond Index came in stronger than expected at -14 vs -17 exp. and -21 previously. Industrial Richmond Fed measures came in -8 in October vs -18 in September, while industrial services rose to 3 vs 1 a month before.
Source: xStation5
Source: xStation5
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