ECB cuts only to -0.30% – EUR/USD Jumps

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The ECB met expectations and nothing more, cutting the negative deposit rate to -0.30. More measures will be announced in the press conference.

EUR/USD jumps as this is at the lower end of expectations.The high so far is 1.0690. Resistance is at 1.0710.

Update: Draghi Doesn’t Deliver – EUR/USD shoots higher

Earlier, around 5 minutes before the release, the Financial Times tweeted that there would be no change and that triggered the initial move higher. On the news, the pair fell to 1.0520, the lowest since March, when it marked the 12 year low of 1.0460.

Will Draghi announce more QE? This remains an open question. Expectations stand at an addition of 15 billion per month, from 60 to 75 billion euros. Ranges were for 10-20 billion – 70 to 80 billion.

The ECB was expected to cut the deposit rate from -0.20% to -0.30% or -0.40%. They were also expected to say now that they will announce more measures in the press conference held by Mario Draghi at 13:30 GMT.

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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 the 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.

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