Instant view: ECB stays on hold, euro wobbles ahead of Draghi

Summary:

Europen Central Bank holds rates unchanged in line with expectations
Euro moves slightly higher and then falls
Draghi’s press conference starts at 1:30 pm BST

The European Central Bank held interest rates unchanged as broadly anticipated, the euro jumped higher and gave back its modest gain afterwards. The headlines look as follows:

Rates to stay at current or lower levels for as long as necessary
ECB determined to act if inflation outlook falls short of aim
ECB to examine ways of reinforcing forward guidance
ECB to examine possible tiering system for reserves
ECB to examine options for potential new asset buying

The EURUSD is approaching 1.11 after the ECB’s decision. The common currency remains under pressure while Europen bond yields keep declining in anticipation of a Draghi’s press conference. Source: xStation5

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