The European Central Bank decided not to lower the benchmark lending rate and leave it unchanged at 0.75%. There wasn’t a clear cut among analysts if the ECB would cut or leave the interest rate unchanged at 0.75%.
EUR/USD traded at 1.2615 before the release, just under the critical 1.2624 line and is now breaking higher, and pass 1.2650 before retreating. Note that EURUSD broke above the triple top that characterized it.
Follow the live blog of Draghi’s press conference.
With everything that’s going on, only seeing the pair sustaining these levels after Draghi will show that this break is real.
The deposit rate was also left unchanged at 0%. Mario Draghi is set to begin speaking in the highly anticipated press conference at 12:30 GMT. He will lay out the bond buying scheme, which has been partially or fully leaked.
For more, see the EUR/USD forecast.
Stay tuned for a live blog of Draghi’s press conference.
Share
