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ECB leaves policy unchanged – EUR/USD holds high ground

The European Central Bank left its policy unchanged. In the accompanying short statement, they maintained their usual phrase about QE: it will continue through 2017 or beyond if necessary. The main lending rate remains at 0% and the deposit rate at -0.40%. No changes were expected to rates.

EUR/USD holds onto the levels it climbed to earlier, around 1.1970-1.1980.

Follow a live  blog of Draghi’s press conference.

The ECB was expected to make an announcement, perhaps at the beginning of the end of its bond-buying scheme. The Bank currently purchases 60 billion euros worth of bonds every month. The plan is expected to expire in December. Speculation has been rife about what’s next.

Here is our preview:  ECB Preview: Low expectations could send the euro shooting higher

The mere notification that the ECB will provide news at 11:45 GMT sent EUR/USD higher. The pair traded just above support at 1.1910 and shot up to 1.1980 ahead of the planned decision.

ECB President Mario Draghi will hold his regular press conference at 12:30 GMT. A lot of questions will be asked.

Here is the preliminary move on the chart:


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.