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The European Central Bank ( ECB) had its Thursday meeting. The central bank kept interest rates intact as planned and their purchase programs unaltered. The ECB could make improvements to the tiering multiplier after the summer break, according to the Research Department at BBVA.
“In the past few weeks, there have been some assumptions about whether the ECB could signal an increase in the multiplier at multi-level deposit rates with a significant increase in excess liquidity and is expected to grow in the future due to asset purchase programs and TLTRO. Although ECB members did not discuss the change in the multilevel interest rate system at today’s political meeting, Ms. Largarde said the ECB was open to the possibility of a change in the future. ”
“The ECB can do this by changing several factors or the interest rate. On the other hand, Ms. Lagarde emphasized that the multi-level system works well – mitigates side effects for banks and that TLTRO has achieved great success, given its attractive cost and lack of stigma. ”
“Today’s political meeting suggests that the ECB will remain in the short term concerning monetary policy, in turn, waiting for better clarity regarding the form of economic recovery and the conditions of the financial market, while continuing to use PEPP with high flexibility. Nevertheless, a change in the deposit placement system after the summer break cannot be discounted. ”
EURUSD Daily Chart
EURUSD Current Price: 1.1384
This Thursday the EUR/USD pair tumbled to 1.1377, as the dollar regained some ground on the back of shrinking optimism. In the last 24 hours, the US confirmed more than 70,000 fresh coronavirus infections, with the emphasis in the southern states.
Besides, tensions between the US and China have increased, as the US government is proposing a travel ban on members of the Chinese Communist Party, a step that likely prompts retaliation from the world’s second-largest economy. Tensions between those two economies will certainly not help in a world already hit by the economic catastrophe.
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