Important day for the EUR

Important day for the EUR

The European Central Bank is going to deliver its interest rate decision at 14:45 (MT time). Interest rate announcement is closely watched by traders struggling to define the future path of EUR/USD. The rate decision, as usual, will be followed by the ECB press conference at 15:30 MT time. The regulator’s president Mario Draghi will explain the reasons behind the ECB decisions and answer the journalists’ questions. As the central bank is not expected to change the interest rate, the press conference will be more important. The speech of Mario Draghi may provide clues regarding the ECB’s future monetary policy.

The minutes of the ECB’s last meeting showed that the central bank is concerned by the escalation of global trade tensions. Traders will watch the central bank’s press conference and trading in EUR/USD and other pairs containing the EUR will likely be very active.

• If the ECB sounds optimistic, the EUR will gain.

• If the ECB sounds pessimistic, the EUR will fall.

Check the economic calendar

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The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time. 

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