European Central Bank follows Fed policy

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The ECB Main Refinancing Rate has just been released. As expected, the central bank has kept the rate at 4.50%. In addition, the central bank published its Monetary Policy Statement. The event caused a minor 0.20% dip of the EUR/USD.

The dip was attributed to a sentence in the policy statement. "Financing Conditions are restrictive and past interest rate increases continue to weigh on demand, which is helping push down inflation." This sentence was seen as a sign that the ECB sees its policy as enough and the central bank could be considering a rate decrease during 2024. A potential rate decrease would reduce demand for the Euro and weaken its value.

The markets expected the no changes, due to the ECB policy being rather easy to predict. In general, the ECB follows the example of the Federal Reserve, despite the Euro Zone having a more complicated economic situation than the US. Namely, the combined European economy has been experiencing higher inflation than the US. In addition, major countries of the union have been showing signs of a recession.
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