As widely expected, the European Central Bank left the interest rate unchanged at 0.05% and the deposit rate at -0.30%. There is no announcement of further details to come in the press conference. EUR/USD rises within the range.
More: Draghi Drags EUR/USD down on downside risks
The European Central Bank was not expected to change policy in its first decision for 2016. In December, Draghi and his colleagues announced a cut in the deposit rate, an extension of QE and reinvestment of proceeds, but this was not enough for the expectations he had created, and eventually EUR/USD made an amazing upside move. The focus shifts to the press conference.
EUR/USD was hugging 1.09 before the publication.
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