The European Single Currency depreciated against the US Dollar, following the EU Main Refinancing Rate release on Thursday at 12:45 GMT. The EUR/USD exchange currency rate lost 19 pips or 0.17% during a minute, right after the release. The European Single Currency continue trading at the 1.1380 area against the US Dollar.
The European Central Bank released the EU Main Refinancing Rate data in line with expectations of 0.00%.
According to Howard Archer, Chief Economic Advisor to EY ITEM Club, “ECB slightly trims its forecast of Eurozone GDP growth in 2019 to 1.7% from 1.8% seen in September. 2018 growth estimate cut to 1.9% from 2.0%. Growth still seen at 1.7% in 2020. 2021 growth forecast at 1.5%. Balance of growth risks broadly balanced but moving to downside.”