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An important week as far as Euro future direction is concerned, as majority of analysts are saying that there are high expectations that ECB would announce QE on Thursday. While a reaction to the decision depends on the scale of the ECB programme. I am expecting a sell-off on EURUSD after this news event, so would be looking for selling opportunities on any retracement to hourly supply zone.
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DAY 9 - 5 Main Takeaways from ECB Press Conference
5 Main Takeaways from ECB Press Conference (by Kathy Lien):
While investors sold euros after the European Central Bank’s monetary announcement and press conference, the single currency did not fall to fresh lows against the U.S. dollar. Nothing Mario Draghi said was particularly surprising but a few important takeaways explain why today’s speech was more bearish than bullish for the EUR/USD:
1. ECB is Getting Serious about ABS purchases – Mario Draghi said the ECB intensified preparatory work re…
While investors sold euros after the European Central Bank’s monetary announcement and press conference, the single currency did not fall to fresh lows against the U.S. dollar. Nothing Mario Draghi said was particularly surprising but a few important takeaways explain why today’s speech was more bearish than bullish for the EUR/USD:
1. ECB is Getting Serious about ABS purchases – Mario Draghi said the ECB intensified preparatory work re…
DAY 8 - ECB Press Conference Review
Today's EUR volatility is a prime example of how the markets initial reaction of disappointment quickly turned into a strong belief that Draghi and company will get to act in the next interest rate announcement meeting on June 5th 2014. It's not the first time Draghi vocally tried to undermine Euro's strength, these tactics have worked in past and for sure it worked out this time too. The EURUSD was within 5 pips of testing the strongly supported resistance level of 1.40 before aggressively head…
ECB's Potential QE Programme - Posted on 20th April
Several central bankers, economists and market participants have been voicing concern over the threat of deflation in the eurozone. During the previous ECB press conference, Mario Draghi made some comments regarding quantitative easing in the eurozone (there were 8 mentions by Draghi, all in all). However, he was very reserved about the matter, he said the matter of QE had been discussed during the governing council meetings, but no decisions had been made. He emphasized the fact that inflation …
Review - ECB Interest Rate Decision & Press Conference
As usual, Euro did not react to the ECB monetary policy decision until ECB President Mario Draghi started the press conference. The currency trended higher throughout Draghi’s speech, taking out 1.35 and 1.36 levels in the process. Although many investors may wonder what Draghi said to drive the currency up nearly 1 cent, it was what he didn’t say that set off the rally in the currency. The ECB President did not express any major concerns about the crisis in emerging markets, increased worrie…
Preview ECB Interest Rate Decision & Press Conference
The ECB meets on Thursday amid heightened speculation it will make a new initiative given the deterioration of the two pillars of its monetary policy, money supply and inflation. Most observers have focused on cutting the repo rate 10-25 bp. Others have raised the prospect of a negative deposit rate. Some have also suggested the formal end to the sterilization of the SMP purchases, which involves draining of liquidity. In recent weeks, there has been a noticeable increase in failures to fully…
EURUSD PRICE ACTION AFTER ECB PRESS CONFERENCE
EUR/USD dropped to a fresh 1 month low on the back of Draghi’s comments. However the currency pair has not extended its losses beyond 1.3548 (so far) because Mario Draghi did not suggest the central bank has grown more serious about moving into uncharted territory by dropping interest rates below zero. All policy tools are at their disposal and they stand ready to act if needed but right now they are comfortable with the current level of monetary policy. We have already seen almost 75% retrace…