Opening comments from the ECB President:
- 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.