ECB Interest Rate Decision comes in at 2.4% against 2.40% consensus

The European Central Bank today announced its Interest Rate Decision, holding the main refinancing operations rate at 2.4%. This outcome matched the consensus expectation of 2.40%, resulting in a 0.0% surprise against forecasts. The rate also remained unchanged from the previous reading of 2.4%.

Following the release, market reaction in EUR pairs has been relatively subdued so far. Fifteen minutes after the announcement, EURUSD traded down 9.2 pips. EURAUD was up 4.4 pips, while EURCAD was down 2.1 pips. EURCHF gained 3.7 pips. EURGBP was down 2.0 pips, EURJPY was down 3.1 pips, and EURNZD was down 1.0 pips. For context, after past ECB Interest Rate Decisions, EURUSD has typically seen a median 1-hour move of 25 pips. EURAUD has seen a median 1-hour move of 28 pips, EURCAD 31 pips, EURCHF 9 pips, EURGBP 14 pips, EURJPY 28 pips, and EURNZD 34 pips. The current moves are generally smaller than these historical median 1-hour movements.