Traders anticipate ECB announcement – looking for clues on rate policy

(10:00 GMT)

The Euro is steady for the last 24 hours, as market player await the word of the European Central Bank.

The market is expecting the ECB to leave interest rates on hold today. (12:45 GMT)
The Euro’s current borrowing cost is 2%, relatively high to the 0.25% on the dollar and the 1.5% on the Pound.

Jean-Claude Trichert, the president of the ECB has said that the next interest rate meeting will be in March. Traders will look for hints as to how aggressive the ECB is ready to get in its next meeting, where an interest rate cut of 0.25% in march would be considered non aggressive by most market participants.

The BOE ( bank of England) is also expected to slash interest rates by 0.5% from the 1.5% to an unprecedented low of 1% (12:00 GMT).
The Pound is  holding its ground so far this week against the dollar with GBPUSD trading firmly around 1.44.
The pair might be pressured today by the expected impact on EURUSD.

Z.Georgi

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