Gold dropped as the U.S. dollar advanced after ECB offered banks new rounds of multi-year cash, and pushed out the timing of its first post-crisis rate hike to next year.
The ECB slashed its growth and inflation forecasts for 2019 and lowered those for 2020 and 2021, acknowledging that Europe’s slowdown was longer
The latest batch of economic data out of Europe and the U.S. have turned out to be disappointing and the OECD has cut its forecasts for the global economy.
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