Opening comments from the ECB President:

Lagarde opening statement
  • Outlook remains highly uncertain
  • Sees signs of bottoming out in April
  • Job and income losses weigh on consumer spending
  • Inflation dampened by energy prices
  • Sees significant increase in slack
  • Repeats policy statement
  • Recovery uneven across sectors and jurisdictions
  • Recovery in early stages, data and surveys point to May and June improvement
  • Q2 economic contraction broadly in line with forecast
  • Inflation to pick up in early 2021
  • Risks remain on the downside
  • Headline inflation to drop more in coming months
  • Urges further strong and timely government efforts

The euro ticked higher but it was mixed in with US data.