The ECB leaves rates unchanged at 0% in the main lending rate, -0.40% in the deposit rate and 0.25% in the marginal rate. Perhaps more importantly, the QE program has NOT been extended beyond March 2017. This helps the euro extend its gains.
More in the live coverage and blog
The European Central The ECB levBank was expected to leave its policy unchanged: the main lending rate at 0%, deposit rate at -0.40% and the QE program at 80 billion per month. An extension of QE beyond the current end-date of March 2017 was on the cards, as well as other tweaks to their bond-buying program. Inflation came out weaker than expected and this could result in more action. However, President Mario Draghi has been calling on governments to share the burden and do more. This has fallen on deaf ears. He might up the ante.
EUR/USD was moving higher towards the publication, moving away from support at 1.1240 and towards resistance at 1.1335. Was the market long before the event?
Follow the live video coverage and live blog of the decision at 11:45 GMT and Draghi’s press conference which commences at 12:30.
ECB Live Blog
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08:13 EUR/USD hugging the 1.13 level
Nice movements in GBP though
08:08 EUR/USD daily chart
07:56 EUR/USD rose to 1.1315 before retreating
07:50 QE end date unchanged at March 2017 - supporting the euro
07:47 EUR/USD is moving higher on the initial move
Main lending rate at 0%
-0.40% is the deposit rate
07:46 ECB leaves policy unchanged
07:30 Welcome to the live blog - EUR/USD made a move higher - sell opportunity?
ECB Live Coverage
Join Valeria Bednarik, Mauricio Carrillo and me, Yohay Elam, for a live coverage of the event:
Video length: 00:40
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