Draghi said that the bank members agreed continued stimulus is best, but debated which elements could be used, “whenever we have a package so complex as this, you’d expect that people have different nuances about the different parts of the package.” Reuters points to expectation of a 10-basis point cut on interest rates in their September meeting, while ING Germany’s Chief Economist Carsten Brzeski eyes a broader loosening of monetary policy stating, “It now looks increasingly looks as if the September meeting will not only bring a single measure but rather a package of several measures.”

The German economic cool-off could be in focus again this week with a window on sentiment amongst both consumers and businesses with the release of Consumer Confidence, Services Sentiment and Business Climate on Tuesday, before retail sales and unemployment figures on Wednesday. As the powerhouse of Europe the German economy’s performance is closely analysed for indication of overall economic health of the Bloc and the second half growth expected in 2019 appears to be a distant memory. “There is far and wide nothing to be seen of the second-half recovery hoped for [in the Eurozone] in many places,” says Commerzbank economist Joerg Kraemer. “Germany is in a grey area between a marked growth slowdown and a recession.”

Exchange rates on this page are interbank rates and indicate where the market is trading to show the performance of a currency pair. They are not indicative of the rates which we offer. The information on this web site is provided free of charge for information purposes only. It does not constitute advice to any person on any matter. Foreign Currency Direct plc. ("FCD") makes every reasonable effort to ensure that this information is accurate and complete but assumes no responsibility for and gives no warranty with regard to the same.