One of the key events of this week was the ECB interest rate announcement.


Yesterday investors were a little frustrated by the ECB meeting outcome. The European regulator decided to hold the interest rate steady at 0.75%. So, market participants concentrated on the comments of ECB President Mario Draghi.


Ahead of results publication, investors were buying into the single European currency, thus pushing the EURUSD pair to the level of 1 US dollar 23.6 cent.


Now investors are trying to find some hints that the ECB is willing to buy bonds of the troubled EU nations.


This is a burning issue indeed, as Spanish 10-year bond yield recently surpassed the critical 7%.  However later, Spanish borrowing costs eased, as the ECB expressed intention to join the European Financial Stability Facility in order to buy Spanish and Italian bonds on the primary market.


Under such conditions, the yesterday�s auction of Spanish bonds turned out to be markedly successful. The Spanish Treasury managed to sell 3 billion 130 million euros of government bonds. As a result, the Spanish borrowing costs dropped to 6.64%.