Euro Inches Up After ECB Meeting; Yen Down on Trade Hopes
Publish Date : 2019/09/13 - 06:03

The euro inched up against the U.S. dollar after the European Central Bank (ECB) cut its key interest rate further into negative territory and announced it would restart quantitative easing from November.

The EUR/USD pair last traded at 1.1064 and up 0.1%.

The ECB announced overnight a quantitative easing program that entails 20 billion euros per month. The central bank also cut its main deposit rate by 10 basis points to -0.5%, in line with market expectations.

U.S. President Donald Trump used the opportunities to again accuse the Federal Reserve for not doing enough to support the U.S. economy.

"They are trying, and succeeding, in depreciating the Euro against the VERY strong Dollar, hurting U.S. exports.... And the Fed sits, and sits, and sits." Trump said via Twitter.

Meanwhile, the pound received some support overnight on the back of a report that said the European Union is prepared to grant another Brexit extension to the U.K. to prevent the country from leaving the bloc without deal.

Source: Investing

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