ECB reduces stimulus purchases

Note: This section contains information in English only.
Source: Dukascopy Bank SA
On Thursday, March 10, the European Central Bank published its Monetary Policy Statement. In general, the bank kept its interest rates unchanged.

However, the bank announced that it would end the Pandemic emergency purchase programme and slow down the Asset purchase programme. The bank revealed also that interest rates could be changed only after the programs have been shut down.

Quoting the statement: "Based on its updated assessment and taking into account the uncertain environment, the Governing Council today revised the purchase schedule for its APP for the coming months. Monthly net purchases under the APP will amount to €40 billion in April, €30 billion in May and €20 billion in June.

The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.50% respectively.

In the first quarter of 2022, the Governing Council is conducting net asset purchases under the PEPP at a lower pace than in the previous quarter. It will discontinue net asset purchases under the PEPP at the end of March 2022."

Released Document

Monetary policy decisions

EUR/USD reacted to the announcement with an immediate spike up of 72 base points or 0.65%.

On a larger scale, the rate is recovering in the aftermath of plummeting and almost reaching the 1.0800 mark.

Initial Reaction

Larger scale situation

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Actual Topics

Thu, 10 Mar 2022 14:41:29 GMT

14.03.-18.03. Federal Funds Rate and Bank of England Rate

The top events of the week will be the US Federal Reserve Statement and the Bank of England's release of Monetary Policy Statement. However, take into account that inflation and retail sales data might cause notable moves. On Tuesday, at 12:30 GMT, the US Producer Price Index data will be out. Expect minor moves on USD charts. On Wednesday, Canadian Dollar pairs

Thu, 03 Mar 2022 19:40:11 GMT

07.03.-11.03. ECB Main Refinancing Rate

There are only three notable times to watch the calendar scheduled for the week. Moreover, there is nothing noteworthy until Wednesday. On Wednesday, at 15:30 GMT, crude oil prices are expected to react to the publication of the weekly US Energy Information Administration crude oil inventories data. On Thursday, at 12:45 GMT the European Central Bank will release its Main Refinancing Rate.

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