Market Updates: ECB Leaves the Interest Rate Unchanged, What’s Next?

The EUR/USD pair is facing resistance at 1.1280 and support at 1.1250. Consider taking the position only on breakouts as the sideways...


At today’s meeting, the Governing Council of the European Central Bank (ECB) concluded that the interest rate on the principal refinancing transactions and the interest rates on the marginal lending facility and the deposit facility will remain steady at 0.00%, 0.25% and -0.40% respectively. But that doesn’t mean ECB President Mario Draghi won’t have plenty to argue about.

Optimistic Economic Event
Since the March meeting, Eurozone economic figures have shown signs of upholding, though it’s still too early to verbalize the all-clear. For his part, Draghi is expected to change his tone a bit to support the weaker Euro. There’s not much we can do other than wait for the Press Conference.

So far, the EUR/USD hasn’t shown any reaction to this as that’s something everyone had expected. But now, the focus shifts to ECB Press Conference. The pair is facing resistance at 1.1280 and support at 1.1250. Consider taking positions only on breakouts as the sideways channel isn’t too big to yield profits.

Good luck!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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