As expected by many, the European Central Bank (ECB) have held rates steady, but tweaked some of the language at its monetary policy decision.
The EUR (€1.2423) has rallied after the ECB dropped its easing bias – referring to the option to increase asset purchases under its quantitative easing (QE) program if the eurozone economy deteriorates.
Still, the ECB reiterated that bond purchases “are intended to run until the end of September 2018, or beyond, if necessary.”
Germany’s 10-year Bund yield briefly backed up to +0.70% after the ECB announcement. It had traded at +0.67% before the decision.
ECB President Mario Draghi is due to hold a press conference at 08:30 am EST.
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Dean Popplewell
He has a deep understanding of market fundamentals and the impact of global events on capital markets.
He is respected among professional traders for his skilled analysis and career history as global head
of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean
has played an instrumental role in driving awareness of the forex market as an emerging asset class
for retail investors, as well as providing expert counsel to a number of internal teams on how to best
serve clients and industry stakeholders.
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