ECB Drops Easing Bias, EUR Climbs

By Dean Popplewell

As expected by many, the European Central Bank (ECB) has held rates steady, but tweaked some of the language at its monetary policy decision.

The EUR (€1.2423) has rallied after the ECB dropped its easing bias - referring to the option to increase asset purchases under its quantitative easing (QE) program if the eurozone economy deteriorates.

Still, the ECB reiterated that bond purchases "are intended to run until the end of September 2018, or beyond, if necessary."

Germany's 10-year Bund yield briefly backed up to +0.70% after the ECB announcement. It had traded at +0.67% before the decision.

ECB President Mario Draghi is due to hold a press conference at 08:30 am EST.

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