The European Central Bank left the main lending rate unchanged at 0%, the deposit rate at -0.40% and the QE program at 60€ as widely expected. The April meeting does not consist of new staff forecasts.
The focus shifts to the press conference by ECB President Mario Draghi. Will he see the glass half full? This is our leading scenario out of 3. He will begin speaking at 12:30 GMT, first delivering a prepared statement and then answering questions from the press.
Preliminary inflation figures published ahead of the event showed that German and Spanish inflation figures were on the rise again. CPI and core CPI dropped in March, but this seems to be a one-off. The favorable prospects in the French elections are also of comfort to the ECB.
Follow the live coverage of the event here:
EUR/USD continues trading in an upwards channel. Since early 2017, the world’s most popular currency pair has recorded higher lows and higher highs.
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