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  • Currency Buzz: Dollar Index Tests One Week Low After ECB Holds Rates
  • January 22,2021  12:36
  • The US dollar turned lower yesterday, falling to a one week low of 90.01 after the European Central Bank (ECB) kept interest rates and stimulus program unchanged. The index currently trades up marginally at 90.20. The ECB's main refinancing operations, marginal lending facility and deposit facility will remain at 0.00%, 0.25% and -0.50%, respectively. The coronavirus pandemic is still posing serious risks to the euro zone economy, ECB President Christine Lagarde said Thursday as lockdowns are tightened across the region. The start of vaccination campaigns across the euro area is an important milestone in the resolution of the ongoing health crisis. However, the ECB has stuck with its growth forecasts for this year. In December, the bank estimated a 3.9% GDP rate for 2021, and 2.1% for 2022 and maintained its view yesterday. This weighed on the US dollar, particularly as the traders looked at further stimulus coming in to support the US economy under the new presidential regime.

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