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EUR/USD choppy after ECB leaves interest rates on hold
The European Central Bank (ECB) has just decided to leave all three of its benchmark rates on hold. That outcome was widely expected and has not surprised the markets at all. Ahead of this the EUR/USD was just drifting back from an earlier high, at 1.0940. That move was seemingly driven by another rebound in the USD/JPY, which was pushing back towards 142 again following an earlier dip to 141.25. The Euro was trading at 1.0907 as the news broke. The EUR/USD has lifted slightly on this outcome and most likely that seems due to shift in PEPP reinvestment program. Perhaps the more important event in all this will be the 1.45pm GMT press conference, hosted by the ECB governor, Christine Lagarde. The EUR/USD is currently trading at 1.0920 amid some contained, yet pretty choppy price action
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