ECB Policy Update : The European Central Bank hiked rates by 75 basis points By Heena Naik, Angel One Ltd
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Below are Views On Global Market by Heena Naik, Research Analyst - Currency, Angel One Ltd
- The European Central Bank hiked rates by 75 basis points, leaving its three main rates sitting in a range of between 1.5 and 2.25 percent.
- This hike was widely expected and was made to combat soaring inflation, despite growing concern that the eurozone is hurtling towards a painful recession.
- Post the policy, the Euro currency plunged by around 1 percent as the markets took the tone of the policy as more dovish on its rate outlook.
- ECB dropped a reference to increasing rates "over the next several meetings" that had been in its September statement, which traders took to mean that a series of large rate hikes was nearing an end.
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