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The euro saw a volatile day yesterday, as expected. The European Central Bank’s monetary policy meeting saw Mario Draghi announce a stimulus package of 20 billion euro while cutting the deposit rate lower by 10 basis points.
The euro initially fell but quickly recovered off the lows. The stimulus program was under question as economists thought that the ECB would wait for more data before committing to the QE program.
ECB Starts Ultra-Loose Monetary Policy
The ECB’s announcements of QE and a rate cut saw the euro falling on the announcement. However, the common currency rebounded later in the day, turning bullish.
The ECB’s monetary policy meeting is the penultimate meeting chaired by Mario Draghi. The decision saw President Trump quickly capitalizing on the move, in a bid to push the Fed to lower interest rates as well.
Will the EURUSD Move Higher From Here On?
The common currency failed to break below the previously established lows near 1.0944 – 1.0925. The pair rebounded off this ...
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