Euro Muted After ECB Holds Key Interest Rate Steady
2019年4月10日 - 5:28PM
RTTF2
The euro showed muted trading against its key counterparts in
the European session on Wednesday, after the European Central Bank
held its key interest rates and forward guidance unchanged amid
economic gloom.
The Governing Council, led by ECB President Mario Draghi, left
the key interest rates unchanged after the policy session in
Frankfurt, as expected.
The main refi rate is currently at a record low zero percent and
the deposit rate at -0.40 percent. The marginal lending facility
rate is at 0.25 percent.
"The Governing Council expects the key ECB interest rates to
remain at their present levels at least through the end of 2019,
and in any case for as long as necessary to ensure the continued
sustained convergence of inflation to levels that are below, but
close to, 2 percent over the medium term," the bank said.
The bank also intends to continue reinvesting, in full, the
principal payments from maturing securities purchased under the
asset purchase programme for an extended period of time beyond the
next rate hike, for as long as necessary to maintain favorable
liquidity conditions and an ample degree of monetary
accommodation.
Draghi is set to hold his customary post-decision press
conference at 8.30 am ET.
The currency held steady against its major counterparts in the
Asian session, with the exception of the yen.
The euro firmed to near a 3-week high of 1.1285 against the
franc at 6:00 am ET and held steady thereafter. This follows a low
of 1.1257 hit at 9:30 pm ET. The pair was valued at 1.1260 when it
ended deals on Tuesday.
Bouncing back from a 2-day low of 1.1255 against the greenback
hit at 9:30 pm ET, the euro rose to 1.1281 in the European session.
The euro is seen finding resistance around the 1.14 level.
The European currency stablised at 125.42 against the yen, after
having risen from a 2-day low of 125.04 seen at 9:45 pm ET. At
yesterday's close, the pair was worth 125.15.
After a brief spike to 0.8634 against the pound at the beginning
of today's trading, the euro pulled back to 0.8608 in European
trading. Next key support for the euro is seen around the 0.84
region.
Data from the Office For National Statistics showed that the UK
economy expanded for the second straight month, but at a slower
pace.
Gross domestic product grew 0.2 percent month-on-month in
February, while the economy expanded 0.5 percent in January.
Economists were looking for growth to remain flat in February.
Looking ahead, U.S. CPI and monthly budget statement for March,
as well as the Fed minutes from the March meeting are set for
release in the New York session.
At 11:50 am ET, Federal Reserve Governor Randal Quarles will
give a speech about the progress on the transition to risk-free
rates at the Financial Stability Board Roundtable in Washington
DC.
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