UBS describe the rate decision from the ECB meeting on Thursday as a non-event. Highlights from the note:
- the remarks following emphasised again the dour state of the euro area economy
- Lagarde pointed to the need for steady policy
- the Bank is data-dependent
- inflation outlook will be closely observed (UBS add that the CPI print due on October 31 is the next major data point)
Earlier re EUR & the ECB:
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ICYMI:
ECB’s President Lagarde