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ECB Leaves Rates Unchanged, Euro Higher Ahead of Draghi

ECB Leaves Rates Unchanged, Euro Higher Ahead of Draghi

Gregory Marks,

Talking Points

-Benchmark Interest Rate remains at 0.25%

-Deposit Facility Rate remains at 0.00%

-Euro slightly higher ahead of Draghi’s presser

The European Central Bank left its key benchmark interest rate, deposit facility rate and marginal lending facility all unchanged for the January release. Following the Bank of England, there was no addition to the policy statement. Last month, Mr. Draghi outlined new ECB forecasts for inflation and GDP in the Eurozone for 2014 and 2015. The changes were as follows:

Draghi 12/05/13

New

Prior

GDP 2013

-

-0.4%

GDP 2014

1.1%

1.0%

GDP 2015

1.5%

-

Inflation 2013

1.4%

1.5%

Inflation 2014

1.1%

1.3%

Inflation 2015

1.3%

Although ECB members have openly stated that further benchmark interest rate cuts and negative deposit facility rates are an option, any extreme measures such as those may only be warranted if disinflation continues in the Eurozone.

EUR/USD (5-Minute Chart)

ECB_Leaves_Rates_Unchanged_Euro_Higher_Ahead_of_Draghi_body_Picture_1.png, ECB Leaves Rates Unchanged, Euro Higher Ahead of Draghi

Source: FXCM Marketscope

The Euro continues to remain higher against the greenback moving into Draghi’s presser and Initial Jobless Claims at 13:30GMT.

Gregory Marks, DailyFX Research Team

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