EURUSD Outlook: Volatility Tame Ahead of ECB Minutes, No Sign of Range Break

By Justin McQueen


At the March meeting, the ECB had surprised many by announcing fresh stimulus in the form of TLTRO 3 earlier than expected. The central bank noted that the monetary tool will start from September 2019 and end in March 2021. Alongside this, the ECB altered their rate guidance to “the Governing Council now expects the key ECB interest rates to remain at their present levels at least through the end of 2019”, from the “end of summer 2019”. This however, had not been a huge surprise given that money markets had not anticipated an ECB rate hike until at least H2 2020.

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