As many expected, European Central Bank (ECB) president Mario Draghi opted to keep rates on hold at its meeting in Frankfurt on Thursday. The ECB changed its forward guidance stating that it expects rates to remain at their present or lower levels at least through the first half of 2020 – signalling a likely ECB deposit rate cut in September of this year. As a consequence of today's proceedings, the Euro experienced noticeable volatility, falling rapidly against major peers after the ECB policy announcement and rebounding strongly following Mr Draghi's ensuing press conference, moving it up from two-year lows to an estimated positive 0.2 per cent overall. Gains were kept in check by a strong US Dollar, however. European stocks also dropped back from the highs it was experiencing and the region's initial government bond rally faded throughout the day.