ECBs Lagarde:We intend to raise rates by 50 BPs @ the next meeting & then monitor the path

The EURUSD is trading at 1.0984 at the start of the press conference:

Prepared remark highlights from ECB Lagarde:

We will raise rates by 50 basis points at the next meeting and then evaluate the path
Policy rate decisions will be data dependent
The asset purchase program will decline by €15 billion per month on average from the beginning of March to the end of June 2023
We expect growth to stay week
high inflation , tighter financing conditions are dampening spending and production
helping is the supply bottlenecks are easing and supply gas is more secure
subdue global activity in high geopolitical activity continued to act as headwinds to euro area growth
economy more resilient than expected
job creation may slow and employment could rise
important to start rolling back fiscal support
fiscal measures could exasperate inflationary pressures and necessitate a stronger ECB response
energy prices lower-than-expected in December
pricing pressures are strong

8:57 AM ET :The EURUSD is trading down to 1.0953 and approaches the support swing area between 1.0928 and 1.0943. Meanwhile US preliminary stocks are moving higher with the doubt now in positive territory by 46 points. The NASDAQ futures are employing a another big rise of about 250 points and the S&P index is trading 39.5 points

German 10 year yields are down 15.5 basis points. French 10 year yields are down -18.7 basis points. Italian 10 year yields are down 30 basis points at 3.99%. German to yield is down 16.5 basis points to 2.5%

In European equity markets,

German DAX is up 1.8%.
France's CAC is up 1.1%.
UK's FTSE 100 is up 0.93% after they raised by 50 basis points as well.

9:00 AM ET

Risks to growth more balance
risk to inflation outlook more balanced
most inflation expectations around 2%
while weakening pent-up demand still driving up prices
we expect to raise rates further by another 50 basis points at the next policy meeting, and then will evaluate the subsequent path of our monetary policy
keeping interest rates at restricted levels will reduce inflation and reduce upward inflation expectations

The EURUSD has now moved to a new low of 1.0929. The high price in January reached 1.09288. They move below that level would have traders looking toward the 1.0900 level followed by the 100 and 200 are moving averages near 1.0892

Question & answer comments:

Our decision today is not the March decision
Discussion was marked by continuity and consistency
There was a very large consensus today
We have not reached the peak in rates and we do have ground to cover
We will need to assess the pace and level
General agreement for 50 basis points in February and 50 basis points in March
There was discussion and not full agreement on communication
I cannot think of the scenarios where 50 basis point hike would not happen unless they are quite extreme
Underlying inflation pressures, fiscal measures, wages all warrant 50 basis point hike in March
Our objective is to drive inflation down to 2% in the medium-term
With regard to inflation, we are particularly focused on energy costs, and wages. Wages will be a significant component of inflation in the months can come. We are looking at fiscal measures.
Would not say that disinflationary processes already at play
there is no symmetry of risk
there was consensus on "more balanced" risk

9:35 AM ET

US stocks open higher led by the NASDAQ index which is up over 2%.

The EURUSD is back down retesting the lows for the day and the highs from January at 1.09288. The current price trades at 1.0934.

The GBPUSD is trading below its 100 hour moving average 1.23508, and support from the January 24 low at 1.2262. The current price is trading at 1.2308.