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Euro lower after ECB Press Conference

Thursday, Mar 05 2015
“Our monetary policy decisions have worked, and it is with a certain degree of satisfaction that the Governing Council has acknowledged this,” Mario Draghi said at a ECB press conference following interest rate decision. “We see objectives are gradually being obtained.” While reiterating that the “risks surrounding the economic outlook for the euro area remain on the downside,” Draghi also said they “have diminished following recent monetary policy decisions.” 
 
The new ECB projections reflect “the favorable impact of lower oil prices, the weaker effective exchange rate of the euro and the impact of the ECB’s recent monetary policy measure,” Draghi said, signaling that this was now the ECB’s last stimulus action and an improvement of the economic situation now depends on other factors.
 
Earlier today, ECB maintained its benchmark interest rate at a record-low 0.05%, in line with market expectations. The central bank also held its marginal lending at 0.30% and left its deposit facility rate unchanged at -0.20%.
 
After the conference euro was pushed lower and is currently being traded around 1.1020 level. Pair is likely to find support around 1.10 and resistance above 1.1070 level.
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