EUR Dips After ECB Leaves Rates Unch As Expected
Hot on the heels of ECB President Lagarde’s statement about early retirement, The European Central Bank kept interest rates unchanged as was fully expected.
The deposit rate was left at 2.5%, as predicted by almost all economists surveyed by Bloomberg.
On borrowing costs, the ECB is biding its time having hiked twice since the Iran war jolted energy markets. Officials, while worried inflation is headed for double the 2% goal, aren’t seeing signs of the ramp-up in oil and gas spreading elsewhere. Still, surprisingly resilient European growth is waning.
“While the full effects of the energy shock are still unfolding, underlying inflation has remained broadly stable so far and wages do not show a material response at this stage,” the ECB said.
EUR weakened modestly against the USD after the statement…
Finally, some have argued that Lagarde’s early departure will give her more freedom to speak out on issues including the turmoil in her homeland.
“The increased magnitude and duration of the energy shock, as well as the implications for indirect and second-round effects, are likely to drive up inflation and lower growth,” the ECB said in a statement, once again declining to pre-commit to future steps.
“Financing conditions have tightened since the Governing Council’s last meeting, which is likely to weigh on inflation and growth.”
The ECB joins the Fed in holding rates steady this week, with the BoJ expected to follow suit on Friday…
However, as Bloomberg reports, policymakers in Frankfurt are widely expected to hike again in December, when updated economic projections will show how severe inflation pressure is. Tighter financing conditions, exacerbated by France, are damping demand.
Analysts reckon the year-end increase in rates will be the ECB’s last of this cycle, though investors are betting on two more steps in 2027.
The latter group’s focus is on oil, which has jumped by more than 6% since the ECB last set rates. Natural gas, meanwhile, hit its highest level in almost four years.
Source: https://freedombunker.com/2026/10/29/eur-dips-after-ecb-leaves-rates-unch-as-expected/
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