The main currency pair is getting weaker after the June meeting of the European Central Bank.
The EUR/USD pair is trading to the downside on Thursday. The current quote for the instrument is 1.1221.
According to the results of the ECB meeting, which was over today, the key interest rate remained unchanged, at 0%. The deposit rate remained at -0.4%.
In the comments, the Governor of the ECB, Mario Draghi, emphasized that the economic system still needed the QE program, which might be expanded if necessary. The QE remained at 60 billion EUR; the ECB didn’t provide any hints at a possible closure of the program.
In fact, this is exactly the reason why the main currency pair is being sold right now. Everything that “super Mario” said before was pretty positive: comments about balanced risks, the employment growth, and a global economic expansion.
The statistics published by the Eurozone in the afternoon was quite good. The GDP in the first quarter of 2017 added 0.6% q/q (+1.9% y/y), which is better than expected. However, the market barely responded to the report, because its attention was focused on the ECB meeting.
Sales of the EUR/USD pair are unlikely to be significant: investors may start buying the instrument at 1.12, because in the mid-term the Euro is looking more stable than the USD.
RoboForex Analytical Department