— more to come
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Significant uncertainty surrounded this European Central Bank decision. Falling inflation expectations and downbeat growth prospects have pushed President Mario Draghi to signal rate cuts are coming. However, it was unclear if the ECB was set to slash rates now or wait for its updated economic forecasts due out in September.
The most recent economic indicators have been depressing – German IFO Business Climate fell to multi-year lows, following on the downbeat purchasing managers’ indices published on Wednesday.
EUR/USD has been anticipating the release below 1.1150. Support awaited at 1.1120 and 1.1107 (May and 2019 low). Resistance is at 1.1155 and 1.1180.
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