Source: Forex News
Today’s data events are quiet with no major news release expected around the globe. Yesterday’s key event was the ECB Rate Decision and Press Conference. ECB kept everything unchanged maintained its policy at 80 bln a month and saw the EURUSD yo-yo between day’s high and then drop to new multi month lows. Volatility was also evident in other markets such as stocks, which also hit multi month highs.
Currencies: EURUSD skyrocketed to 1.1038 when ECB President said that they didn’t discuss extending QE, however it dropped back to new 7 month lows after he said that they didn’t discuss stopping it either. EURUSD now trades at 1.0900. Sterling was down 0.1 percent at $1.2238, on track to gain 0.4 percent for the week. Overall the Dollar Index remains strong, trading at highs not seen since March 10th. On another note, the Chinese Currency CNY has traded also at its lowest level since September 2010.
Stocks: Asian shares were broadly weaker early Friday, as the odds of an interest-rate rise in the U.S. increased again from 69.5% to 73.6%, while oil prices gave up recent gains. U.S. stocks ended a choppy session on Thursday slightly lower as investors digested the latest round of earnings. Yesterday the DAX and CAC both posted multi month highs, however stock futures indicate a lower opening.
Oil and Gold: Oil prices lost 2% yesterday as the USD surged and traders took profit after it reached a 15-month high on Wednesday. OPEC is expected to complete details of the proposed production cut at its next official meeting on November 30. As a result of the dollar’s strength, Gold prices also dropped after reaching 2 week highs earlier on the day. The yellow metal dropped from $1274 to $1261 in tandem with the Dollar’s rally.
The post Bullet Report – EURUSD collapses after ECB Press Conference. appeared first on Forex.Info.