ECB press conference causes Euro strength

Source: Dukascopy Bank SA


On Thursday, at 13:15 GMT, as it was expected by market analysts, the European Central Bank has kept its base interest rate at 4.50%. In general, the ECB has continued to follow the example of the US Federal Reserve.

The initial rate announcement did not cause a notable market reaction. However, the follow up press conference by the President and Vice President of the central bank started to impact the Euro, as it surged in value.

In general, the heads of the central bank pushed back against market forecasts that global central banks would cut interest rates. The ECB is set to keep tight monetary policy. Namely, the policymaker works contradicted their actions, which caused the currency value's adjustment.
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