{"id":102015,"date":"2020-07-16T12:50:00","date_gmt":"2020-07-16T16:50:00","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=102015"},"modified":"2020-07-16T12:50:21","modified_gmt":"2020-07-16T16:50:21","slug":"103635-gbp-eur-euro-dips-after-ecb-says-it-has-reduced-pepp-asset-purchases","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103635-gbp-eur-euro-dips-after-ecb-says-it-has-reduced-pepp-asset-purchases\/","title":{"rendered":"GBP\/EUR: Euro dips after ECB says it has reduced PEPP asset purchases"},"content":{"rendered":"<p>The British pound is up against the euro on Thursday.<\/p>\n<ul>\n<li><strong>ECB leaves interest rates on hold in July meeting, as expected<\/strong><\/li>\n<li><strong>Lagarde says ECB have slowed PEPP purchases, will use full amount<\/strong><\/li>\n<li><strong>UK retail June jobless rate falls<\/strong><\/li>\n<li><strong>EU official: not there yet on agreement for next budget \/ recovery fund<\/strong><\/li>\n<\/ul>\n<p>GBP\/EUR was lower by 16 pips (+0.14%) to 1.1039 as of 3pm GMT. The pound-euro exchange rate is down by -1.19% this week.<\/p>\n<p>The currency pair had been drifting lower for most of the day but shot higher after finding support at 1.10 but stabilised less than 1.105. Yesterday it rose by a similar +0.13%.<\/p>\n<h2>EUR: ECB leaves rates on hold, has reduced PEPP purchases<\/h2>\n<p>The ECB meeting dominated FX markets on Thursday, as it typically will. Traders mostly sat on their hands in case of some unexpected result, but that was not to be found.<\/p>\n<p>The ECB left interest rates on hold and kept the PEPP asset purchase program unchanged in size and duration. \u00a0The standout comment that triggered a small drop in the euro was that the central bank has slowed the pace of purchases because markets have stabilised. That means less financial support is being provided to the economy.<\/p>\n<p>In her press conference ECB President Christine Lagarde said the ECB was happy with the current state of monetary policy. Remember the ECB increased the size of its bond purchase program (PEPP) by \u20ac750 billion last month. Lagarde did say that that the baseline is that the central bank will buy up the full PEPP \u2018envelope\u2019 (1.35 trillion) which hadn\u2019t been clear from previous meetings.<\/p>\n<p>More important than the ECB at this juncture for the euro is tomorrow\u2019s EU Summit. Expectations are that an agreement will be reached. However a senior EU official was quoted today as saying \u201cwe are not there yet on agreement on next EU budget and recovery fund.\u201d Adding \u201cgovernance of the EU recovery fund, climate targets and the rule of law is all still under debate<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The British pound is up against the euro on Thursday. ECB leaves interest rates on hold in July meeting, as expected Lagarde says ECB have slowed PEPP purchases, will use full amount UK retail June jobless rate falls EU official: not there yet on agreement for next budget \/ recovery fund GBP\/EUR was lower by [&hellip;]<\/p>\n","protected":false},"author":163946608,"featured_media":4594,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1379],"tags":[2722,2989,2988,1393,2410],"class_list":{"0":"post-102015","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-eur","8":"category-gbp","9":"tag-ecb-meeting","10":"tag-ecb-news","11":"tag-ecb-rate-decision","12":"tag-euro","13":"tag-gbp-eur"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GBP\/EUR: Euro dips after ECB says it has reduced PEPP asset purchases - 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