Euro reacts to ECB statement

Note: This section contains information in English only.
Source: Dukascopy Bank SA
On July 22, the European Central Bank published a monetary policy Statement. In general, the bank announced that the Eurozone is still in a crisis and still needs stimulus.

Quoting the statement: "In its recent strategy review, the Governing Council agreed a symmetric inflation target of two per cent over the medium term. The key ECB interest rates have been close to their lower bound for some time and the medium-term outlook for inflation is still well below the Governing Council's target. In these conditions, the Governing Council today revised its forward guidance on interest rates. It did so to underline its commitment to maintain a persistently accommodative monetary policy stance to meet its inflation target.

In support of its symmetric two per cent inflation target and in line with its monetary policy strategy, the Governing Council expects the key ECB interest rates to remain at their present or lower levels until it sees inflation reaching two per cent well ahead of the end of its projection horizon and durably for the rest of the projection horizon, and it judges that realised progress in underlying inflation is sufficiently advanced to be consistent with inflation stabilising at two per cent over the medium term."

Monetary Policy Statement

Monetary policy decisions

In the following 20 minutes to the release, the EUR/USD declined 35 base points. However, later on, the rate recovered and even reached the 1.1830 mark.

Initial Reaction

Larger scale situation

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