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EUR/USD slips to new session lows even as ECB keeps rates on hold

The European Central Bank (ECB) has just announced the outcome of its monetary policy decision. As expected the ECB has left all three of their benchmark rates unchanged. The refinancing rate remains at 4.5%, the marginal lending facility at 4.75% and the deposit facility at 4%. This was pretty much the overwhelming expectation by the markets, despite some analysts (around 9%) describing this meeting as Live, in the sense of it delivering a potential change in rates. Ahead of the outcome the EUR/USD was camped very close to its recent lows. The impact of this decision has not exactly delivered the immediate rebound in the EUR/USD that some might have hoped for. The ECB says it will remains restrictive but at the same time not committing itself to a particular rate path. The EUR/USD has just now hit a fresh session low at 1.0715. It is a little higher now though, currently trading at 1.0723

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