As expected, at the ECB meeting monetary policy remained unchanged yesterday. At the same time, after a little volatility, euro significantly strengthened its positions against the currencies of the main basket. The reason for the growth of the European currency was the press conference of the Chair of the European Central Bank.
There was an impression that Mario Draghi let go of the situation completely. If earlier Draghi was more cautious and visibly tried to keep rate of the single currency, this time the market participants did not see it, as if the European regulator it became indifferent to strengthen the euro. The head of the ECB, like Janet Yellen, said that the slowdown of inflation in the Eurozone is temporary and the consumer price indexes will soon resume their growth. Also, were noted positive changes in the economy of the European Union, and the fact that the current adaptive policy of the central bank contributes for that.
The issue of cutting the quantitative easing program was not discussed at the ECB meeting, but statements that it will be considered in autumn was enough for market participants to continue buying the euro by sending the currency to new tops in the EUR/USD pair.