ECB Interest Rate Decision Met Market Expectations At 75 Bps

Summary:
The ECB decision was released today, and another 75bps increase was anticipated.
The widely anticipated increase in the ECB's once-negative deposit rate to 1.25% on Thursday may favor the Euro at the expense of the Pound, the Dollar, and other currencies, according to some analysts.
Although these statements and the ECB's other recent interest rate increases have not directly benefited the Euro, policymakers have emphasized in recent appearances that interest rates will need to rise further in the months ahead as double-digit inflation rates become more prevalent in the Eurozone.
The ECB met market expectations by rising their interest rates by 75 basis points to 2.00% on Thursday. The ECB have reiterated their intentions to gain control over the soaring inflation rate.
In recent trade, the Pound to Euro exchange rate defied gravity and reached levels close to one month highs. However, this week's recovery will be difficult unless the European Central Bank (ECB) interest rate decision on Thursday convinces the market to abandon its recently increased appetite for the single currency.
They cited the UK economy's worsening outlook and risks related to Bank of England (BoE) interest rate policy, despite the fact that ECB policy is also relevant and the bank's interest rate guidance, balance sheet, and prospects for the Eurozone's economy will be more crucial for the pound sterling ahead of the weekend.
The EUR/USD pair has already risen over parity and the downtrend from 2022, doing so with a respectable rally.
The initial market reaction in the wake of the release of the ECB interest rate decision showed the EUR/USD strengthening and continuing the bullish market sentiment, the EUR/GBP weakened slightly followed by signs of strengthening, The FTSE 100 showed signs of declining.
Sources: poundsterlinglive.com, dailyfx.com