Lagarde paints a rather bleak outlook for the EU economy- EUR/USD hits fresh session lows

The ECB boss, Christine Lagarde is still debriefing the press following the latest monetary policy decision. Whilst Lagarde is refusing to pre-commit to further rate cuts, the inference of her remarks make that a likely outcome. This coupled with the better (on balance ) US data this afternoon has pushed the Euro lower, versus the dollar and the Pound. The immediate very modest bounce after the ECB decision soon gave way to fresh interim lows and the Euro is not much above those lows now. The low seen has been set at 1.0816. The rebound after the ECB stalled ahead of the 200 day moving average, now at 1.0873 and that may yet prove to be important, especially as the Euro closed below that level last night. All the while the price remains below that level the risks of more downside are live. The EUR/USD is just now trading at 1.0818