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Tuesday, 24 May 11:40 (GMT -05:00)



Foreign exchange market

EURUSD: ECB Leaves Key Interest Rate Unchanged

EURUSD: ECB Leaves Key Interest Rate Unchanged

 

 

The ECB has left the key interest rate unchanged at 1%. The central bank cut the interest rate several times in November and December 2011.
 
 
According to Mario Draghi, ECB President, the eurozone’s rate of inflation will remain above the limit but is unlikely to exceed 2%. He says it is too early to stop stimulation the region’s money-and-credit policies.
 
There is some inflation pressure but mid-term inflation expectations are positive, he said during a press conference.
According to him, the ECB’s unconventional measures to support liquidity are temporary while the overall financing conditions for banks have improved.
 
The ECB lent eurozone banks over 1 trillion euro in December and January in order to calm down the markets and to win some time for the European authorities while they were looking for ways and means to solve the eurozone crisis.
 
According to Masterforex-V Academy, the bears are currently dominating the market:
At this point, it is recommended to go bearish EURUSD:
Support: 1.3100 (1.3095 Forex) – a psychological level.
Resistance: 1.3165 (1.3160 Forex) – local volume clusters.

 

 

 

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