The euro’s weak performance following the European Central Bank decision illustrates what the market thinks about the ECB’s decision: There is nothing particularly new but empty rhetoric.
“The lady isn’t tapering” ECB President Christine Lagarde told reporters in Frankfurt, describing yesterday’s central bank decision “a recalibration of the pandemic emergency purchase program for the next three months.” The ECB will slow the pace of its pandemic bond-buying program in the final quarter 2021 but signaled policymakers are not yet ready to discuss ending the measure.
The next crucial ECB meeting for future guidance will be on December 16.
For traders yesterdays’ ECB meeting turned out to be once again a non-event with the EUR/USD swinging directionless between 1.1850 and 1.18.
As long as the pair remains between 1.19 and 1.1750 there is nothing new to report.
The GBP/USD looks set to continue its bullish move towards 1.3950. Only a renewed break below 1.3730 would change the picture in favor of the bears.
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