Southern European bonds set for best week in months…

Euro May Fall as the ECB Disappoints Trump to Trigger Tariffs

All sectors rose, led by the consumer-goods group.

Meanwhile, CAC 40 is up 18 points at 5,205.84, FTSE 100 Index is trading higher by 9 points at 7,166.64, while DAX Index is trading lower by 33 points at 12,212.71.

The inflation forecast for this year was maintained at 1.4 percent, while the outlook for next year was trimmed to 1.4 percent from 1.5 percent.

The euro dropped to $1.2314 from $1.2411 late Wednesday in NY.

The yield on 10-year Treasuries fell three basis points to 2.86 percent.

What was driving the market?

While the ECB took a small step toward weaning the euro-zone economy off protracted stimulus by dropping its easing bias, ECB President Mario Draghi said monetary policy would remain "reactive" and that underlying inflation was subdued.

Stocks in Europe and the United States also moved higher.

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After initially surging yesterday as the European Central Bank dropped its easing bias from its policy statement, the Euro suffered a sharp drop in the wake of Draghi's press conference shortly afterwards.

There won't be any such speculation surrounding today's European Central Bank rate meeting with rates set to remain unchanged along with the continuation of the bond buying program.

Traders were waiting to see if the rate setters would remove that particular bit, as it could indicate the end of QE is moving closer.

But Bank of Ireland slipped 2.2 per cent to €7.28. while Permanent TSB, drinks group C&C and paper and packaging group Smurfit Kappa were also among the fallers. It slightly reduced its 2019 inflation forecast to 1.7% from 1.9%. The ECB left its refinancing rate at 0%, while the rate paid on deposits parked overnight at the bank was left at negative 0.4% and the rate on the deposit facility was left at 0.25%.

Regarding non-standard monetary policy measures, the Governing Council confirms that the net asset purchases, at the current monthly pace of €30 billion, are meant to run until the end of September 2018, or beyond, if necessary, and in any case until the Governing Council sees a sustained adjustment in the path of inflation consistent with its inflation aim.

European stocks had opened in positive territory as tensions over planned USA tariffs on steel and aluminum imports eased after the White House indicated that major trading partners Canada and Mexico could be exempt.

European Central Bank head Mario Draghi expressed concern about U.S. President Donald Trump's announced trade measures, saying the immediate spillover "is not going to be big" but that "unilateral decisions are unsafe". While the new rules were expected to be signed by Trump today, it now seems that may be pushed back to allow more time to prepare legal documents.

"Today's marginally hawkish concession from the European Central Bank has been overshadowed by a marginally negative revision to their inflation forecasts today, with the DAX hitting the highest level in a week in response", Joshua Mahony, a market analyst at IG, wrote in emailed comments.

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