Breaking: EUR/USD rises as high TLTRO rate outweighs interest rate guidance

Yohay Elam FXStreet

The ECB left its rates unchanged and committed to holding low rates through the first half of 2020. EUR/USD initially dipped but then recovered as the funding scheme to banks (TLTRO) has a positive interest rate of 10 basis points. The choppy moves continue.

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The European Central Bank was expected to announce a new funding scheme with generous conditions to banks (TLTRO). The ECB has previously pledged to maintain low rates until at least the end of the year. President Mario Draghi will unveil the bank's new growth and inflation forecasts later on – minor downgrades are expected.

EUR/USD was trading below 1.1250 ahead of the all-important decision.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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