BREAKING: EURUSD gains after ECB cuts rates 🏛️

As expected, the European Central Bank decided to cut the key deposit rate by 25 basis points to 3.25%. Shortly after the publication, the euro gained in value against the US dollar. Investors will now focus on the press conference scheduled for 1:45 p.m. BST with President Lagarde, who will comment on the bankers' decision and hint at further plans for ongoing monetary policy in the eurozone.

Eurozone - ECB decision.

Deposit rate: Actual: 3.25%. Expected: 3.25% Previously: 3.5%

ECB decision commentary:

Domestic inflation remains high, as wages are still rising at an elevated pace.
Meanwhile, financing conditions remain restrictive.
Inflation outlook is also affected by recent downside surprises in indicators of economic activity.
We will keep policy rates sufficiently restrictive for as long as necessary.
The Eurosystem will no longer reinvest all of the principal payments from maturing securities purchased under PEPP, reducing PEPPa portfolio by €7.5 billion per month on average.
The inflation outlook is also affected by recent downside surprises in indicators of economic activity.
Traders hold ECB rate-cut bets steady, see 25 bps in December.

Euro gains against the US dollar shortly after ECB decision.

Source: xStation

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