The euro fell in the morning against the US dollar, but did not go beyond the lows. Pressure on the pair had data from the company GfK, according to which the mood of consumers in Germany in May will deteriorate. This will happen because of fears about the geopolitical risks and the growth of protectionism, which the US is promoting with respect to trade.

As indicated in the leading report, the index of consumer confidence in Germany in May was 10.8 points against 10.9 points in April. The data fully coincided with the forecasts of economists.

After the publication of the ECB's decision on the interest rate, the euro again returned to the lows of the day.

Thus, the European Central Bank left the refinancing rate unchanged, at 0.0%, while the deposit rate was also maintained at a negative level of -0.4%.

The ECB said that rates will remain at current levels for an extended period, especially highlighting the point that changes in monetary policy will not be introduced long after the completion of asset purchases. Let me remind you that a number of experts suggest that as soon as the European regulator completely turns off the asset buy-back program, there will immediately appear the prerequisites for raising interest rates.

As for the program of quantitative easing, then, according to the ECB, it will be implemented in the amount of 30 billion euros a month before the end of September this year, and if necessary, then longer.

The ECB President's speech at the press conference led to a surge in market volatility.

Many market participants expected specifics in the statements of the ECB President regarding the asset buy-back program. Despite this, Mario Draghi again blurrily commented on the current situation. According to him, the incoming information speaks in favor of a somewhat moderate position.

With regard to the rate of price growth, Draghi expressed concern about the restrained growth of core inflation, confident that inflation will continue to rise to the target level in the medium term, and that it will still require significant stimulus to maintain it.

Draghi also drew attention to the fact that economic growth will remain confident, large-scale, even though the growth rate has become more moderate compared to the beginning of 2018. In this connection, according to the president of the ECB, there remains a need for sufficient monetary and credit incentives.