- European session review: EUR appreciates after ECB’s decision to expand its PEPP by solid EUR600 bln
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European session review: EUR appreciates after ECB’s decision to expand its PEPP by solid EUR600 bln
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 08:30 | United Kingdom | PMI Construction | May | 8.2 | 29.7 | 28.9 |
| 09:00 | Eurozone | Retail Sales (MoM) | April | -11.1% | -15% | -11.7% |
| 09:00 | Eurozone | Retail Sales (YoY) | April | -8.8% | -22.3% | -19.6% |
| 11:45 | Eurozone | ECB Interest Rate Decision | 0% | 0% | 0% |
EUR rose against most other major currencies in the European session on Thursday after the European Central Bank (ECB) announced the outcomes of its latest monetary policy meeting.
At the meeting, the ECB’s policymakers decided to leave its key interest rates unchanged and to boost its Pandemic Emergency Purchase Program by EUR600 billion to EUR1.35 trillion. The purchases under the PEPP will continue until at least the end of June 2021.
The announced increase in the size of the PEPP exceeded market expectations of around EUR500 billion, supporting the European single currency.
Now, market participants are awaiting the ECB’s press conference (due at 12:30 GMT), at which its president Christine Lagarde is expected to explain today’s monetary policy decisions.
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