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Forex News: Euro Eases After ECB Draghi Says Governing Council

Euro Eases After ECB Draghi Says Governing Council Didn't Discuss QE Exit

04/27/2017 - 10:26:00 (RTTNews)

(RTTNews) - The euro retraced its gains against its major rivals in the early New York session on Thursday, after the European Central Bank President Mario Draghi didn't signal a shift in the bank's policy stance, saying the region's underlying inflation pressures still remain subdued and inflation outlook has not improved yet.

In his customary press conference post-ECB decision, Draghi said that although the euro area economy has become solid and downside risks have diminished further, underlying inflation pressures continue to remain subdued and have to show a convincing upward trend yet.

"A very substantial degree of monetary accommodation is still needed for underlying inflation pressures to build up and support headline inflation in the medium term. If the outlook becomes less favourable, or if financial conditions become inconsistent with further progress towards a sustained adjustment in the path of inflation, we stand ready to increase our asset purchase programme in terms of size and/or duration," Draghi said.

At its meeting in Frankfurt, the Governing Council kept all its three interest rates unchanged for a ninth consecutive policy session.

The main refi rate was held at a record low zero percent and the deposit rate at -0.40 percent. The marginal lending facility rate was kept at 0.25 percent.

The euro was broadly higher against its major rivals, with the exception of the pound in the European session.

The euro weakened to a 3-day low of 1.0810 against the franc and a 9-day low of 0.8425 versus the pound, from its early highs of 1.0848 and 0.8495, respectively. The next possible support for the euro is seen around 1.07 against the franc and 0.83 against the pound.

The single currency reversed from an early high of 121.89 against the yen, ticking down to 120.92. The euro is seen finding support around the 118.00 area.

The Bank of Japan kept its monetary stimulus unchanged as widely expected.

Governor Haruhiko Kuroda and his board members decided by an 7-2 majority vote to hold its target of raising the amount of outstanding JGB holdings at an annual pace of about JPY 80 trillion.

The euro slipped to a 2-day low of 1.0853 against the greenback, after having advanced to 1.0933 at 8:30 am ET. On the downside, the euro may find support around the 1.07 mark.

The common currency was trading lower at 1.4583 against the aussie and 1.4776 against the loonie, down from its early 4-month high of 1.4641 and a 2-day high of 1.4892, respectively. Continuation of the euro's downtrend may see it challenging support around 1.44 against the aussie and 1.46 against the loonie.

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