The ECB raised the benchmark euro interest rate by 50 basis points
The Governing Council of the European Central Bank (ECB) decided on Thursday to raise all three key interest rates by 50 basis points and approved the new transmission protection instrument (TPI). The aim of the steps is to ensure that inflation returns to its 2 percent target in the medium term.
As a result of the higher than expected interest rate hike, the euro strengthened
Analyst expectations included a smaller increase of 25 basis points. The bigger-than-expected rate hike boosted the euro, which rose to 1.0270 USD by 2:40 p.m., after trading at 1.0196 USD moments before the 2:15 p.m. rate announcement. (MTI)
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