EUR/USD eases from tops on steady ECB, near 1.1980
|The single currency stays within range after the European Central Bank left its monetary policy intact at today’s meeting, with EUR/USD around the 1.1970/80 band.
EUR/USD now focused on Draghi
Spot remained apathetic after the ECB’s Governing Council left its monetary policy stance unchanged at today’s meeting, matching the broad consensus.
The European Central Bank left the interest rate on the main refinancing operations at 0.00%, the interest rate on the marginal lending facility at 0.25% and the deposit facility at 0 -0.40%.
In line with prior surveys, the ECB keeps the monetary conditions unchanged, although the focus of attention will now shift to the usual press conference by President M.Draghi.
Market participants have been speculating over the likeliness of some announcement regarding the current stimulus programme, although attention has shifted to the exchange rate level in light of the recent appreciation.
ECB now sees QE running until end of December or even beyond, while the key rate is expected to remain at current levels well past QE.
EUR/USD levels to watch
At the moment, the pair is gaining 0.48% at 1.1974 and a break above 1.1993 (high Sep.7) would expose 1.2069 (2017 high Aug.29) and finally 1.2167 (50% Fibo of the 2014-2017 drop). On the downside, the immediate support lines up around 1.1924 (10-day sma) seconded by 1.1847 (10-day sma) and then 1.1823 (low Aug.31).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.