EUR/USD Reverses Drop After ECB Cuts Interest Rates

Today’s trading session was completely unlike yesterday’s one as all data from the United States was better than expected. The most important event happened in Europe though as the European Central Bank announced its monetary policy decision. Analysts have predicted that the central bank would leave interest rates unchanged, but there were more and more speculations about an interest rate cut as time was passing by and economic reports from the eurozone were coming out rather bad. Such talks proved true and the ECB slashed borrowing costs at today’s meeting. (Event A on the chart.)