European Central Bank monetary policy decision - 25 October 2018

ECB  building logo
  • Prior decision
  • Main refinancing rate 0.00%
  • Marginal lending facility 0.25%
  • Deposit facility -0.40%
  • Monthly asset purchases to continue at a pace of €15 billion until December
  • Anticipates end of asset purchases in December
  • End of asset purchases contingent on incoming data
  • Will reinvest for extended period after purchases end
  • To keep rates unchanged at least through the summer of 2019

Basically a copy and paste message of that seen in September. No significant changes to the language or message by the ECB so far. The euro is unphased by that and rightfully so with EUR/USD still at 1.1403 currently.

All eyes now turn to Draghi who will be speaking at 1230 GMT. And given the statement here and the fact that they decided to approach the end of QE with caution - not committing firmly to say that it will end in December - Draghi is likely to just reaffirm the same message that we saw last month.