The ECB kept its main refinancing rate unchanged at 0.05% in September. The central bank also kept its deposit and marginal lending facility rate unchanged at -0.2% and 0.3% respectively.
But the fireworks started when Draghi started the press conference. The market was braced for a dovish statement, but was NOT prepared for the outright declaration that "the bank stands ready to expand its stimulus programs and projected slower-than-expected economic growth in the eurozone, as well as lower inflation rates. as a result of the slowdown in some large developing economies".
As a result, the Euro has come under pressure. Best charts to look for shorts are EurUsd and EurJpy. Not today though - we have fallen too far, too fast. Sell rallies below key resistances.
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