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ECB leaves policy unchanged, as expected; EUR/USD a bit

The ECB was not expected to make any policy changes, thus leaving the main lending rate unchanged at 0.50% and the deposit rate at 0%, and this is exactly what happened.

EUR/USD traded just above 1.3230 prior to the release. It is now at 1.3240. This is very marginal. — updates coming —

The focus now shifts to the press conference by Mario Draghi, due to begin at 12:30 GMT. In the previous press conference, Draghi introduced forward guidance: he committed to keep rates and current levels or lower for an “extended period of time”.

He is likely to repeat it once again, but what else will he say? Follow a live blog here on Forex Crunch.

Opinion:  ECB may try to avoid rate cut if possible

EUR/USD made a false break yesterday after the Fed released its statement. The statement seemed dovish at first, and the pair temporarily broke above 1.33, a level which it struggled to conquer. However, the move was not sustained.

1.3250 is a pivotal line. 1.33 returns to works as resistance and support is at 1.32. For more, see the EUR/USD forecast.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.