Reaction on ECB decision

Market news

2 May 2013

Reaction on ECB decision

EUR/USD dropped to $1.3120 area after ECB cuts on the 25bp the refi rate. ECB also cutting the lending rate by 50bp to equalize the corridor. But later EUR/USD advanced in $1.3200 area.

Attention now turns to the ECB press conference at 1230GMT. Perhaps, ECB President will announce non-standard measures and looser collateral to support small and medium enterprises.

U.S.: Initial Jobless Claims, April 324 (forecast 345)

Eurozone: ECB Interest Rate Decision, 0.50% (forecast 0.50%)

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