Update on the ECB press conference. The ECB President Lagarde: the ECB will maintain the monetary support, the PEP program. Net purchases €20 billion per month plus the €120 billion envelope until the end of the year. While the ECB doesn’t see a need to overreact to rising EURUSD, they remain committed to maintaining favourable financing conditions. By reading further you agree with our disclaimer at the bottom of this page and acknowledge that we do not provide investment advice.

No major changes to the inflation forecasts from the bank. Headline inflation is, according to Lagarde, likely to stay negative in the near future and turn positive next year. The ECB sees inflation at 0.3% in 2020, 1.3% in 2021 and rising to 1.3% in 2022. To take advantage of our ultra-low trading fees, register for an account and deposit here.

EURUSD rallied as Lagarde was speaking. The price moved beyond the resistance that coincided with a measured move projection derived from the price channel. In today’s analysis and the market commentary video, we suggested that EURUSD should move to 1.1960 – 1.2011 range if yesterday’s high was exceeded. Now EURUSD is on its way to this intraday target zone. 

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Janne Muta
Chief Market Analyst
TIOmarkets.com

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