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EUR/CHF holds onto gains despite ECB decision, eyes on Draghi

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/CHF rallied from daily lows and climbed more than 70 pips in a matter of minutes as investors reacted to pre-ECB decision rumors that turned out to be unfounded.

    European Central Bank
    decided to cut the deposit rate by 10 bps to -0.30% a widely anticipated move, leaving other rates unchanged. Now attention turns to President Draghi who is expected to announce more measures at a press conference at 13:30 GMT.

    The decision to cut the deposit rate did not reverse euro gains. EUR/CHF peaked at 1.0871 and it was last at 1.0850, still 0.40% above its opening price.

    Meanwhile, the Swiss National Bank (SNB) spokesman declined to comment on ECB rate decision and on any possible SNB market intervention.
    For more information, read our latest forex news.
     

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