Investing.com – Because European Central Bank provided several information on its plans to remove accommodative policy on Thursday, president Mario Draghi highlighted that the euro zone monetary authority had yet to share when interest levels might be raised.

No discussion of curiosity rate hikes

While the ECB thought we would cut its monthly asset purchase program in half to €15 billion ($17.6 billion) at the start of October and noted that it was required to produce December – although reinvestment of proceeds will be maintained – Draghi established that home interest rates were likely to be on hold for any longer timeframe of the time.

“The Governing Council expects one of the keys ECB rates of interest to in their present levels at the least with the summer of 2019 plus in any case provided necessary to guarantee that the evolution of inflation remains aligned while using the current expectations of the sustained adjustment path,” the ECB said included in the policy decision.

Reiterating that period within the press conference’s question and answer period, Draghi stressed the “not less than via the summer of 2019” and added that “we failed to discuss whenever to lift rates.”

The euro, which turned negative from the dollar when the decision was published, extended losses after those remarks, hitting an intraday low of $1.1675. Following a end from the press conference, at 9:36AM ET (13:11GMT), EUR/USD was last down 0.93% at $1.1680.

Weaker short-term growth, stronger inflation

The ECB also updated its economic projections and predicted weaker growth in addition to stronger inflation for this year.

“June 2018 Eurosystem staff macroeconomic projections to the euro area foresee annual real GDP increasing by 2.1% in 2018, 1.9% in 2019 and 1.7% in 2020,” Draghi announced. The 2018 growth forecast was cut on the 2.4% expansion predicted in March.

“The hottest economic indicators and survey results are weaker,” Draghi explained, “but stay consistent with ongoing solid and broad-based economic growth.”

Overall, Draghi stated that your risks all around the euro area growth outlook remain broadly balanced.

However, he admitted that “uncertainties connected with global factors, including the threat of increased protectionism, are getting to be more prominent (and) the danger of persistent heightened financial market volatility warrants monitoring.”

With regard to price stability, the ECB now forecasts annual inflation of just one.7% through 2020, compared to the March projections of just one.4% with this year and next. The estimate for 2020 remained unchanged.

Draghi explained the fact that changes were made as the ECB felt that progress towards a sustained adjustment in inflation “has been substantial so far”.

“With longer-term inflation expectations well anchored, the base strength with the euro area economy and the continuing ample amount of monetary accommodation provide grounds to get certain that the sustained convergence of inflation towards our aim will continue back then ahead, and will also be maintained even with a gradual winding-down of our own net asset purchases,” he added.