With the ECB standing pat as expected on........>

ECB: With the ECB standing pat as expected on Thursday, the main takeaway was

President Draghi acknowledging but looking beyond weak recent economic data. 

- MNI PINCH shows the implied rate hike path was basically unchanged from

pre-meeting, with the first hike unlikely until March 2019 at the earliest.

- While addressing the moderation in EMU economic data so far this year, even

listing the broad array of indicators that had shown weakness (from retail sales

to confidence surveys), Draghi emphasised that GC's take was cautious but

confident that growth would be strong enough to bring inflation to target.

- Draghi said the GC didn't discuss the policy outlook for the June meeting or

beyond, or even monetary policy per se. This patient approach is consistent with

MNI sources saying the debate over hiking policy rates will be discussed and

taken only once the asset purchase program ends, with no talks yet, let alone

decisions taken, as to timing or extent of the first hike as of last week.

- Draghi`s comment that FX volatility was not discussed took the EUR back above

$1.22 briefly.