Euro Interest Rate Decision Followed by ECB’s Press Conference
Today Euro Zone’s Policy Rate Decision is scheduled at 1245 GMT/1815 IST followed by ECB press Conference at 1330 GMT/1900 IST. The rate decision is usually priced into the market, so it tends to be overshadowed by the ECB Press Conference, held 45 minutes later. Source changed release frequency from monthly to eight times per year as of Jan 2015. The 6 members of the ECB Executive Board and 15 of the 19 governors of the Euro area central banks vote on where to set the rate, via rotation. In addition, Monetary Policy Statement discusses the economic outlook and offers clues on the outcome of future decisions.
In today’s ECB meet, Countries Economic projections will be updated and the tapering scenario will be clear out as ECB President opting for tapering now or later? The current situation in Euro Zone is critical too due to Omicron spread and accordingly ECB will come up with the Monetary Statement.
Let’s see how Euro has reacted during the previous data release:
- The Euro rises marginally ahead of ECB’s Interest Rate Decision and trading around $1.1300 mark.
- The pair made intraday high at $1.1319 and low at $1.1281 mark.
- Today triple EMA on a day is down and H1 chart suggests up trend for the time being.
- A consistent close above $1.1318 on H1 chart requires for the upside rally.
- Alternatively, a sustained close below $1.1267 on H1 chart will check further supports.
Take a look and do trade wisely!