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13 September

By Ahmed Mamdouh

Category: Forex News

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ECB holds borrowing cost, confirms halving QE in Oct

The European Central bank decided to keep its benchmark interest rate at its record low of 0.00 percent, matching analysts’ projections.

The central bank also opted to hold the interest rates on the marginal lending facility and the deposit facility at 0.25% and -0.40% respectively.

The ECB also announced the reduction of the amount of monthly asset purchases to €15 billion in October and the end of the stimulus program completely at the end of the year.

As of 11:58 GMT, the euro was little changed trading near the session’s open at $1.1623, ahead of the awaited press conference by ECB President Mario Draghi.

Draghi shall give updates about the euro area economy and the impact of trade war.

Ahmed Mamdouh

Ahmed Mamdouh is the head of the English Fundamental Analysis at D1stp.com, with 9 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from The American University in Cairo and a Bachelor Degree in Economics from The Faculty of Economics and Political Science, Cairo University.