The euro climbed today, erasing its yesterday’s losses versus the US dollar and the Japanese yen, after the European Central Bank left the main interest rate unchanged and ECB President said he sees signs that the European economy is stabilizing.
Europe’s central bank kept its minimum bid rate at 1.0 percent as was expected by economists. Mario Draghi, President of the ECB, said at the press-conference after the decision:
As expected, ongoing financial market tensions continue to dampen economic activity in the euro area, while, according to some recent survey indicators, there are tentative signs of a stabilisation in activity at low levels.
Spain managed to exceed its maximum target at today’s bond auction, adding to the strength of the euro.
EUR/USD jumped from 1.2705 to 1.2820 and EUR/JPY climbed from 97.65 to 98.36 as of 15:13 GMT today.
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