Mario Draghi, President of the European Central Bank (ECB), is scheduled to deliver his remarks on monetary policy outlook in a press conference at 12:30 GMT. In a widely expected decision, the ECB today announced that it lowered the rate on deposit facility by 10 basis points to -0.5% as expected.
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ECB lowers rate on deposit facility by 10 basis points to -0.50% as expected.
At its monetary policy meeting held today, the Governing Council of the European Central Bank (ECB) decided to leave the interest rates on the main refinancing operations and the interest rates on the marginal lending facility unchanged at 0.00% and 0.25%, respectively, and lowered the rate on deposit facility by 10 basis points to -0.50%.
EUR/USD fades a knee-jerk bullish spike, plunges below 1.10 mark post-ECB.
The EUR/USD pair faded the post-ECB bullish spike to and quickly retreated around 100-pips in the last hour, refreshing session lows and sliding farther below the key 1.10 psychological mark.
About ECB’s press conference
Following the ECB ´s economic policy decision, the ECB President gives a press conference regarding monetary policy. His comments may influence the volatility of EUR and determine a short-term positive or negative trend. His hawkish view is considered as positive, or bullish for the EUR, whereas his dovish view is considered as negative, or bearish.
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