ECB announces interest rate

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


The European Central Bank has published its Main Refinancing Rate. The central bank has kept its rate at 4.50%, as it was expected by the financial markets. The Euro reacted to the event by resuming its prior decline and reaching new low levels. However, the move did not occur outside to normal volatility range.

Meanwhile, note that the President of the ECB is scheduled to host a press conference at 12:45 GMT. However, this time Madam Lagarde is bound to be ignored. The United States Producer Price Index will be published at 12:30 GMT. US inflation data is far more important to the market than what the ECB might reveal at the press conference.

This is due to the fact that the US inflation impact the policy of the US Federal Reserve, which sets the monetary policy for the US Dollar. In general, the European Central Bank just follows the example of the Fed in an effort to keep the EUR/USD stable. It is quite rare for the ECB to make its own decision. Moreover, an independent ECB decision is usually made under heavy inflation or a political pressure.

Note on the chart the large drop the day before. That is the publication of higher than expected US consumer inflation. Compare it to the impact of the ECB to see
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Thu, 11 Apr 2024 13:25:10 GMT

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