Single Currency Digesting ECB Meeting, Aussie Loses Strength

Market Reviews

The single currency has strongly increased as a reaction to yesterday’s ECB meeting. Australian Dollar dropped as Guy Debelle (Deputy Chair of RBA Board) has totally invalidated any chance of a rate hike, when he was talking about the RBA’s neutral policy. The Pound maintains the position of the softest currency. The greenback goes right after the Sterling, affected by a general disappointment, caused by Trump’s healthcare bill.

European Central Bank holds the main refi rate at 0%, the marginal lending rate at 0.25% and the deposit rate at -0.4%. Asset purchase program will stay at 60 billion euro and it should expire somewhere in December. Mario Draghi stated that the Bank will start considering its further actions with the QE program in September.

Britain is about to publish public sector net borrowing and Canada is going to announce Consumer Price Index and retail sales.