The European Central Bank raised the key interest rate by 50 basis points and assured everyone that the European banking sector is stable and resilient. All this slightly calmed down traders, thus allowing the euro to recoup some of its losses caused by the news about Credit Suisse.However, Christine Lagarde did not provide any hints about the future actions of the European Central Bank. This, in turn, has caused uncertainty among traders. Against the backdrop, the euro failed to return to its previous levels. However, today, it may have a chance to do so. Today, the eurozone is going to disclose its inflation figures but they will hardly boost the single currency.It is expected that the US industrial production data will be the main driver of the euro. According to the forecast, the indicator’s growth may slacken to 0.2% from 0.8%. Such a slow growth pace, which is approaching zero level, is pointing to a rising risk of economic recession in the United States. In this light, the Federal Reserve may decide to slacken the key interest rate hike or even to cut the key rate. Naturally, the US dollar may face significant pressure, which will allow the euro and the pound sterling to gain in value.On the trading chart, we see that the euro recovered by more than 50% against the greenback. The level of 1.0500 is acting as support. Just after the price touched this level, the volume of long positions started to rise gradually.Under the current conditions, the euro may continue growing towards 1.0700. To reach higher levels, the price should exceed a weekly high located at 1.0750.Meanwhile, the pound/dollar pair recouped all the previous losses. The quote climbed above 1.2150, which reflects bullish sentiment among traders. If the price consolidates above 1.2150, the volume of long positions will surge. This, in turn, may lead to a further increase in the pound sterling towards 1.2300.

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00:00 INTRO
00:21 ECB KEY INTEREST RATE
00:51 USA
01:31 EUR | USD
02:03 GBP | USD