Euro rises after ECB's rate decision and Lagarde's remarks

The euro rose against the US dollar on Thursday, following the European Central Bank's interest rate decision and its President Christine Lagarde's remarks.

The European Central Bank held the interest rate and the deposit rate unchanged at zero and at 0.5% respectively, but raised the size of the asset purchase program by 500 billion euros to 1.850 trillion.

This came within the ECB's efforts to support the euro area's economy amid the coronavirus crisis.

ECB President Christine Lagarde said following the bank’s monetary policy that she expects the euro area's GDP to shrink during the last quarter of 2020.

Lagarde added that risks still surround the euro zone economy, while inflation remains low.

As of 17:48 GMT, EUR/USD rose 0.3% to 1.2124, after hitting a high of 1.2158, and a low of 1.2076.