ECB's Legarde: In the first quarter the economy grew more than expected

ECB's Legarde: In the first quarter the economy grew more than expected

• ECB Lagarde press conference after the ECB Rates unchanged.

The EURUSD is trading near session lows going into the press conference from ECB's Legarde. The price is at 1.1738. The low price reached 1.1731. The high price for the day was reached in the Asian session near 1.1780.

Initial comments from Lagarde:

• in the first quarter, the economy grew more than expected
• survey data .point to overall modest expansion.
• Higher tariffs in stronger euro are expected to make it harder for firms to invest.
• Strong labor market, rising real incomes, solid private sector balance sheet support consumption.
• Defense and infrastructure investment should bolster growth
• Indicators of underlying inflation suggests inflation will stabilize at target.
• Labor costs have continued to moderate.
• There is slower growth in unit labor costs out by increase productivity and moderate labor costs
• short-term inflation expectations moderated. Longer term inflation expectations continue to stand around 2%.
• Risk to growth remain to the downside led by global trade tensions. Deterioration and financial markets sentiment could lead to greater risk aversion.