In contrast to the market expectations, the European Central Bank retained its benchmark interest rate, known as the refi, at 0.75 percent.
The euro edged sharply higher against its major rivals following the rate decision. As of 7:47 am ET, the common currency was trading at 99.30 against the yen, 1.2652 against the dollar, 0.7948 against the pound and 1.2045 against the franc.
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Forex News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.