Growth forecasts lower, now pointing to.........>

ECB: Growth forecasts lower, now pointing to "moving towards downside risks."

- Inflation forecasts broadly in line with previous.

- Greater emphasis on weaker external demand.

- Most other changes in Draghi's opening statement very minor and in line with

the 12:45GMT statement.

- Technical announcement regarding reinvestments to come out 1530CET.

- EGB futures ever so slightly higher as Draghi finishes up, but just a few

ticks. Bunds back around where they were at 1245GMT when decision released ..

EURUSD a more dramatic mover, hitting day's low at 1.1349. 

- BTP 10-yr spreads now up about 3bps since pre-decision (1245GMT), 265.3bps,

about 2bps of which is a higher BTP yield and about 1bps a lower Bund yield.

Nothing too crazy thus far.

- Euribor strip pretty much unchanged on the day after the opening statement.

- EURUSD about 40 pips lower, hitting low of the day at 1.1339.