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The ECB has managed to bring some intra day volatility back to the market after Draghi insinuated that Euro monetary policy is about to change come June 5th. So far, the ECB has been doing most of the lifting by defending the EUR, using a defensive tactic very much in line with the SNB viz. defend the EURUSD 1.40 psychological print.
Moreover, Draghi has said that they will act in a few weeks, if updated inflation forecasts merit policy easing. The ECB does not have an FX target, but when EURUSD makes meaningful strides towards the 1.40 handle the volume of ECB rhetoric tends to get that bit louder. Which seems to be the signal to the market that current EUR gains are enough.
However, after 300 pips down move, I am expecting some retracement in coming days, as price doesn't always move up or down in straight line, so expect some detours and U-turns.
Moreover, Draghi has said that they will act in a few weeks, if updated inflation forecasts merit policy easing. The ECB does not have an FX target, but when EURUSD makes meaningful strides towards the 1.40 handle the volume of ECB rhetoric tends to get that bit louder. Which seems to be the signal to the market that current EUR gains are enough.
However, after 300 pips down move, I am expecting some retracement in coming days, as price doesn't always move up or down in straight line, so expect some detours and U-turns.
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