The ECB left monetary policy unchanged during its April meeting and indicates that interest rates will increase "some" time after the end of the QE program and it would be gradual - a dovish change here, as previously pointed out a very fast rate change after the end of the QE. ECB policymakers said that incoming data reinforced its expectation that net asset purchases should be concluded in the third quarter. On the economic front, the central bank noticed that inflation pressures have intensified and inflation has increased significantly and will remain high over the coming months, mainly because of the sharp rise in energy costs.
EURUSD - today’s ECB decision provided more fuel for bears. The main currency pair is currently testing a short-term support zone in the 1.0875 area. Source: xStation
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