FOREX UPDATE: The European Central Bank had decided to leave the interest rate on hold

As a widely expected decision on 26th July, the European Central Bank had decided to leave the interest rates on hold, which are to remain unchanged throughout summer of 2019. The aim of ECB is to end the bond purchase scheme by the end of 2018 due to the fact that inflation is rebounding, as well as to manage to keep the rates record low throughout next summer. In the ECB policy statement on Thursday it stated that the Governing Council expects that the key ECB interest rates will remain at the present levels at least through the summer of next year and for as long as necessary so as to ensure continued sustained convergence of inflation to levels below and close to 2% over the medium term. After the bank’s policy meeting, at the ECB press conference, ECB President Mario Draghi has made several statements, where he has repeated that the exchange rate is not a policy target and that there is an international consensus that was established for a long time now refraining from competitive devaluations. In addi