- ECB left its key rates unchanged, as broadly estimated.
- The pair turns positive again beyond the 1.2400 handle.
- Draghi’s press conference next on tap, with QE in centre stage.
The single currency turned positive after the European Central Bank left its monetary policy intact at today’s meeting, with EUR/USD around the 1.2430 area, recording daily highs at the same time.
EUR/USD attention now shifted to Draghi
The pair stays in the red ground after the ECB’s Governing Council left its monetary policy stance unchanged at today’s meeting, matching the broad consensus.
The European Central Bank left the interest rate on the main refinancing operations at 0.00%, the interest rate on the marginal lending facility at 0.25% and the deposit facility at 0 -0.40%.
Furthermore, the Governing Council leaves QE running at €30 billion/month until September 2018, as forecasted, and it is expected to run until inflation path has adjusted in a sustainable fashion.
Spot gathered some upside traction in the wake of the release, reverting the earlier negative tone and retaking the area above 1.2400 the figure, near recent peaks.
Later in the session, President Mario Draghi will hold his usual press conference.
EUR/USD levels to watch
At the moment, the pair is gaining 0.11% at 1.2425 facing the next hurdle at 1.2445 (high Mar.7) seconded by 1.2537 (high Jan.25) and then 1.2557 (2018 high Feb.18). On the downside, a break below 1.2334 (21-day sma) would target 1.2317 (10-day sma) en route to 1.2272 (low Mar.1).