ECB Rate decision

The tone coming out of the ECB on Thursday afternoon indicated that it wasn’t any nearer to reversing its policy course. The expectation was for the Central Bank to remove some of the dovish bias on its quantitative easing programme. The ECB did repeat its previous stance stating that it is ready to expand its balance sheet if necessary.

 

 
The Euro rallied depsite this dovish tone to 2 year highs vs the USD and a 9 month high vs the GBP.