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EUR/USD slips as ECB leaves rates on hold but lowers growth forecasts

The European Central Bank (ECB) have just announced no changes to any of their three benchmark interest rates. This was almost baked in, as I noted here earlier and so there is no surprise from this outcome. The accompanying statement is dovish though as they have lowered their growth forecasts and inflation outlook too. Hence, the immediate reaction has seen the EUR/USD fall back on the news. The EUR/USD was trading at 1.0895 ahead of this release. It has now fallen back underneath 1.0875 and we have to put that down to the lower growth forecasts 

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