The euro climbed against its major rivals after the European Central Bank decided to maintain its monetary policy, leaving it without changes. Currently, the euro trimmed its gains versus the Great Britain pound and almost lost them against the US dollar but remained firm versus the Japanese yen.
The ECB announced that it is leaving its interest rates at the same levels as before, including the main refinancing rate (0.0%) and the deposit facility rate (-0.4%). The asset purchase program also received no changes, but ECB President Mario Draghi signaled that it is possible for the program to be prolonged beyond the planned expiration term in case of necessity:
Regarding non-standard monetary policy measures, we confirm that the monthly asset purchases of â¬80 billion are intended to run until the end of March 2017, or beyond, if necessary.
Saying that, Draghi explained that policy makers were not discussing the extension at the meeting.
The economic growth forecast was revised slightly compared to the predictions made in June. Yet overall, the statement was not nearly as dovish as it could have been, and that drove the euro higher. But keeping the gains was a task with which the currency was struggling.
EUR/USD traded at about 1.1253 as of 16:51 GMT today after opening at 1.1239 and rallying to 1.1324 intraday. EUR/GBP was up from 0.8422 to 0.8460 but retreated from the daily high of 0.8492. EUR/JPY climbed from 114.34 to 115.20.
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