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Euro higher after ECB Press Conference

Wednesday, Jun 03 2015
The Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.05%, 0.30% and -0.20% respectively, as it was largely anticipated.
 
An improving economic performance in Eurozone comes despite the uncertainty created by talks on Greece as the country flirts with default.“There should be a strong agreement -- one that produces growth,” ECB President Mario Draghi said, while declining to give details on current negotiations over the country’s bailout package. 
 
“We expect the economic recovery to broaden, and domestic demand should be further supported by monetary policy measures,” Draghi said. “The recovery is on track exactly according to our projections.” Presenting fresh forecasts, Draghi said the outlook remains basically unchanged. Inflation will be 0.3% this year instead of zero as previously predicted, and will reach 1.8% in 2017. Growth in 2015 is expected to average 1.5%, then 1.9% in 2016, before a 2% pace the year after.
 
Euro was pushed higher after the conference and is currently being traded few points above 1.1230 area. Pair is likely to find support around 1.1150 and resistance above 1.13 level.
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