The meeting was held and the ECB decision. The ECB, in principle, met the expectations – the ECB made it clear that it is ready to lower the rate or start a program of liquidity injection in September. The reason is a significant deterioration in the forecasts of the eurozone economy – especially industrial production including in Germany.
However, right now, the ECB has done nothing. And the euro was unable to break down 1.1100
The expectation of lowering the Fed rate is on July 31.
Today, important data from US GDP for the 2nd quarter at 13:30 London time – expect a significant decline to +1.8% per annum.
EURUSD: Buy for a breakthrough of 1.1190.
We sell from 1.1100.
