Euro Hit as Draghi Hints at Negative Rates
The ECB dual rate cuts in the lending and refinancing rate reduced the spread between the lending (emergency) rate and the deposit rates to 1.00%-- lowest since 2008 (Oct, Nov & Dec 2008), a time when the ECB rushed to reduce the cost of emergency loans at the peak of the global financial crisis. Euro losses intensified as Draghi reiterated the willingness to deliver a negative deposit interest rate from its current zero %. All our existing non- USD Premium yen shorts hit their targets and so did our longstanding EURUSD short. 1 EURJPY hit all targets, the other stopped out. We just issued 2 fresh trades in EURUSD alongside a tactical and technical note in the latest Premium Insights
|ECB Interest Rate Decision (MAY 2)|
|0.50%||0.50%||0.75%||May 02 11:45|
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