Forex News

ECB holds interest rates ahead of Draghi’s press conference

ECB rate decision

The European Central bank decided to keep the benchmark interest rate at its record low of 0.00 percent, matching analysts’ projections.

The central bank also opted to hold the interest rates on the marginal lending facility and the deposit facility at 0.25% and -0.40% respectively.

“The Governing Council expects the key ECB interest rates to remain at their present levels at least through the end of 2019, and in any case for as long as necessary to ensure the continued sustained convergence of inflation to levels that are below, but close to, 2% over the medium term,” the ECB statement said.

Eyes will focus on the press conference of the ECB President Mario Draghi after 45 minutes from the rate decision to get updates about the euro area’s economic outlook.

As of 11:55 GMT, the euro firmed further versus the U.S. dollar to 1.1278, approaching yesterday’s two-week high of 1.1283.

It is worthwhile to mention that the ECB’s meeting was held one day ahead of schedule so that monetary policymakers could attend the IMF spring meeting in Washington this week.

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