ECB keeps interest rates on hold and confirms end to QE

The European Central Bank (ECB) has kept interest rates on hold as expected in their latest policy meeting, indicating that they are likely to remain low until at least the summer of 2019. The bank also confirmed plans to end its quantitative easing program at the end of the year, as President Mario Draghi sounded an optimistic tone on the outlook for growth and inflation in the eurozone. The market reaction was fairly muted, as this outcome was expected, however the euro fell slightly against sterling and the dollar. European stocks continued to strengthen over the course of the day after President Trump and Jean-Claude Junker, President of the European Commission, agreed to work together to remove all tariffs, trade barriers and subsidies on non-auto industrial goods.