European Central Bank President Mario Draghi on Thursday said it was incorrect to read the institution's forward guidance as biased toward an interest rate hike. In a policy statement earlier in the day, the ECB said it would keep rates at present levels at least through the first half of 2020. The central bank had previously said it expected rates to remain on hold through the end of 2019.
The remarks sparked a rally in the euro EURUSD, +0.5883% as market participants appeared to read the statement as pushing back against the possibility of a rate cut. Draghi, in a news conference, said the ECB stood ready to lower rates or implement other measures if needed. The ECB "stands ready to act and use all the instruments in the toolbox," he said. The euro trimmed its earlier rise and was up 0.4% versus the dollar at $1.1267.
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