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As usual, Euro did not react to the ECB monetary policy decision until ECB President Mario Draghi started the press conference. The currency trended higher throughout Draghi’s speech, taking out 1.35 and 1.36 levels in the process. Although many investors may wonder what Draghi said to drive the currency up nearly 1 cent, it was what he didn’t say that set off the rally in the currency. The ECB President did not express any major concerns about the crisis in emerging markets, increased worrie…
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Preview ECB Interest Rate Decision & Press Conference
The ECB meets on Thursday amid heightened speculation it will make a new initiative given the deterioration of the two pillars of its monetary policy, money supply and inflation. Most observers have focused on cutting the repo rate 10-25 bp. Others have raised the prospect of a negative deposit rate. Some have also suggested the formal end to the sterilization of the SMP purchases, which involves draining of liquidity. In recent weeks, there has been a noticeable increase in failures to fully…