ECB Press Conference - 6.6.2012

The euro fell slightly during the ECB press conference against the US dollar. The currency fell by 30 points from 1.2487 to 1.2457 and found support at that level. Mario Draghi at the ECB press conference said that price developments should stay in line with price stability and inflation is expected to remain above 2 per cent in the euro-zone for the remainder of 2012. Furthermore he said that the ECB will continue to provide liquidity to euro zone banks through the central bank’s main refinancing operations as long as necessary and at least till January 15th of 2013. Lastly, the ECB president forecasted that the economy will gradually recover with the GDP growth from -0.5 to +0.3 per cent in 2012 and from 0 to 2 per cent in 2013.