The European Central Bank said today it will lower its benchmark rate by a quarter of a percentage point to 3.75%. On the surface, this is a landmark ECB decision. It is the first time it is easing policy after a tightening cycle without an economic crisis.
European stocks pared gains and the euro strengthened after the European Central Bank cut interest rates for the first time since 2019, but signaled it was still concerned about inflation. The ECB cut its deposit rate by a quarter-percentage point to 3.75%. The ECB said that wage growth remained elevated and that inflation was likely to stay above its 2% target “well into next year.”
The AUD/USD is essentially where money comes to die at the moment, as we continue to see a real lack of drive in either direction. However, once we get a move, it could be a big sign of where the USD goes overall.
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