ECB says case was made for assessing risks to economic activity as tilted to downside

ECB releases its account of its December monetary policy meeting

• Says risk situation was "fragile and fluid"
• Risks are rotating in uncertain environment
• Remarked that decline in oil prices and likely fiscal stimulus were upside risks
• Growth forecast cut justifies describing risks as balanced
• Fundamental factors underpinning growth are in place
• Suggestion made to revisit contribution of TLTRO to monetary policy moving ahead

As mentioned in the preview earlier today, this is very much going to be a repeat of what we already know and it certainly is. The case to change risks as being "tilted to the downside" was highlighted last month after the meeting here already.

There isn't much else here to really influence the euro moving forward as all eyes will now be on economic data and how much the slowdown will cause the ECB to change its forward guidance on rates. EUR/USD sits at 1.1534 after having touched a low of 1.1518 earlier in the day.