The European Central Bank decided to leave the Minimum Bid Rate unchanged at 1.50%. Contrary to previous decisions, the outcome of this one was uncertain. Given the chances of a rate cut, this move should have been positive for the euro, at least until Trichet opens his mouth. But given the uncertainty towards the rate decision and the big increase in the British QE policy, EUR/USD doesn’t rise but rather slides. It was trading around 1.33 before the release. It continues to trade choppily and finds itself on lower ground, under the 1.3285 but still above the support line of 1.3225. Towards the release, expectations dropped from a big 0.50% cut to no cut at all and only more liquidity measures. We’ll know about all the measures at the press conference, Trichet’s last, at 12:30 GMT. Earlier, the Bank of England decided to expand the quantitative easing program by an additional 75 billion pounds. There was uncertainty about the actual move, and a big surprise about the big size. GBP/USD crashed to a 15 month low before bouncing back, but EUR/USD was hurt as well. Euro/dollar moving up slowly in a channel, but the British decision sent it down to support above 1.3285, before bouncing back towards the rate decision. EUR/USD lines: 1.35, 1.3430, 1.3360, 1.3285, 1.3225 and 1.3145. For more about the euro, see the EUR/USD forecast. Yohay Elam Yohay Elam 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 a 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. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next Trichet Announces More Liquidity – EUR/USD Ticks Higher Yohay Elam 11 years The European Central Bank decided to leave the Minimum Bid Rate unchanged at 1.50%. Contrary to previous decisions, the outcome of this one was uncertain. Given the chances of a rate cut, this move should have been positive for the euro, at least until Trichet opens his mouth. But given the uncertainty towards the rate decision and the big increase in the British QE policy, EUR/USD doesn't rise but rather slides. It was trading around 1.33 before the release. It continues to trade choppily and finds itself on lower ground, under the 1.3285 but still above the support line… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
