In a scheduled announcement, the European Central Bank has kept its interest rate at a historic low of 1.00%. It was widely anticipated interest rates would be kept on hold, as the central bank continues to try and stimulate eurozone economies in the face of the global economic slowdown.
We await further details about the quantitative easing programme announced by the ECB last month as its President, Jean-Claude Trichet, is due to give a statement shortly. With low interest rates and a quantitative easing programme only recently announced, Caxton FX is expecting the euro to come under increased selling pressure in the medium-term.
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