As expected ECB raises all benchmark rates by 0.25%- EUR/USD no higher

The European Central Bank (ECB) has just decided to raise all three benchmark rates again and by 0.25% across the board. That was a thoroughly expected outcome and as such it has not surprised the markets at all. Looking around the markets and the oil price today it is clear the ECB had little choice but to raise rates, but there was an argument for them to be more aggressive in that respect, given the increasingly inflationary impact of oil and where the price is today. Since the previous update Brent crude had extended its rise to above $104. 

Ahead of this outcome the EUR/USD had been falling back closer to the 1.16 handle and that was partly due to the further rise in oil prices and upside in the USD/JPY. The EUR/USD was trading around 1.1616 leading into this decision. The immediate reaction to the move has seen it not rise at all so far and that could be a warning that it might not at all. We shall see. The EUR/USD is right now at 1.1613