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ECB left interest rates unchanged

Thursday, Jun 02 2016
As it was widely expected ECB left interest rates unchanged at today's meeting in Vienna. ECB left its headline interest rate at record low of zero. The bank held the deposit rate at -0.4% and the marginal lending facility at -0.25% at its monetary policy meeting. The ECB revised its inflation forecast for 2016 up to 0.2% from 0.1% before, but kept its inflation forecasts for 2017 and 2018 at 1.3% and 1.6% respectively. Draghi warned that inflation in the euro area is likely to remain very low, or negative, for some time.
The central bank raised its growth forecast for 2016 to up to 1.6%, from 1.4%, but left its forecasts for the following two years unchanged. Draghi said the economic recovery is proceeding ‘gradually’, but warned that the risks to the global economy are to the downside, citing the June 23 U.K. referendum on European Union membership.
Draghi said the ECB believes that Britain should stay in the EU, but added that it was ready for any outcome.
 
Euro is currently being traded few points below 1.1165 level. Pair is likely to find support around 1.11 handle and resistance above 1.1180 level. 
More in this category: « Private sector employment increased by 173,000 jobs China service sector activity growth weakens to three-month low in May »

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