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UPDATE: EURUSD Moves to Session Highs Post-Draghi Press Conference

UPDATE: EURUSD Moves to Session Highs Post-Draghi Press Conference

2012-10-04 14:55:00
Christopher Vecchio, CFA, Senior Strategist
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UPDATE: ECB President Mario Draghi Reiterates Support for Euro at Press Conference > EURUSD BULLISH

The EURUSD rally has resumed following comments from European Central Bank President Mario Draghi. The pair is holding near a session high at 1.2994, from 1.2963 when President Draghi began speaking.

EURUSD 1-minute Chart: October 4, 2012

ECB_Rate_Decision_and_Press_Conference_body_x0000_i1026.png, UPDATE: EURUSD Moves to Session Highs Post-Draghi Press Conference

Charts Created using Marketscope – Prepared by Christopher Vecchio

Presented below without commentary are some key excerpts from the press conference:

  • OMTs have helped alleviate tensions, even though ECB hasn't spent anything yet.
  • Inflation rates to remain above 2% through 2012.
  • ECB acts independently, EURO is irreversible.
  • Economy will remain weak in 'near term'.
  • ECB sees growth risks still ' on downside'.
  • "Current levels of inflation should remain transitory," which are "balanced over the medium-term."
  • Subdued loan dynamics reflect risk aversion.
  • Fast ratification of fiscal compact would help.
  • ECB didn't discuss interest rate cut today and doesn't speculate on future rate changes.
  • Rescheduling Greek bonds would be monetary financing.
  • Conditionality is credit enhancement for government bonds.
  • Spain still facing significant challenges.
  • It's up to Spain to decide if programs are enough.
  • OMT wouldn't apply to countries under programs, only on full market access.
  • Portugal 5-year bond issuance was 'reassuring'.
  • Spain has completed almost 90% of funding program.
  • Credit flows are non-existent in some euro parts.
  • OMT isn't meant to induce short term issuance.
  • ECB is ready and has fully effective backstop.

--- Written by Christopher Vecchio, Currency Analyst

THE TAKEAWAY: EUR European Central Bank Rate Decision > Key Rate on Hold at 0.75% as expected > EURUSD NEUTRAL

The European Central Bank has announced its key interest rate for the coming weeks, where it is on hold at 0.75%, as expected according to a Bloomberg News survey. The ECB also announced that it would be leaving its marginal lending rate unchanged at 1.50% and its deposit facility rate unchanged at 0.00%.

ECB President Mario Draghi is now scheduled to speak at 08:30 EDT / 12:30 GMT.

EURUSD 1-minute Chart: October 4, 2012

ECB_Rate_Decision_and_Press_Conference_body_Picture_1.png, UPDATE: EURUSD Moves to Session Highs Post-Draghi Press Conference

Charts Created using Marketscope – Prepared by Christopher Vecchio

Following the rate decision, the EURUSD perked up more from its pre-release gains, trading as high as 1.2967, before falling back to 1.2951 at the time this report was written. The pair remains near session highs set post-release with the session low coming in at 1.2900.

Follow the ECB Press Conference in the DailyFX Real Time News feed.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

To be added to Christopher’s e-mail distribution list, send an e-mail with subject line "Distribution List" to cvecchio@dailyfx.com

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