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German Backlash Begins Following ECB Announcement

German Backlash Begins Following ECB Announcement

Benjamin Spier, Technical Strategist

The German backlash against European Central Bank President Draghi has begun, following the president’s formal announcement yesterday of possible intentions to eventually buy sovereign debt of struggling Euro nations. German Economy Minister Phillip Roesler said in an interview with a German newspaper that the ECB should focus on monetary stability and not buy Euro-area debt. Roesler also recognized that the German economy and its labor market are not immune to the impact of the debt crisis. Yesterday, Roesler reiterated Germany’s backing of Draghi’s decision to not grant the ESM a banking license.

ECB member and Bank of Finland head Erkki Liikanen backed Draghi’s announcement by saying that the ECB didn’t let markets down and the council supported Draghi. He also said that the ECB may independently take secondary bond market actions.

In economic data, Euro-zone July PMI’s for composite and services were revised higher, but both indexes show continued contraction in business activity. The UK PMI for services came in lower than expected and indicated the slowest expansion in 19 months.

Neither the responses to Draghi nor the PMI’s had a noticeable effect on Euro trading. EURUSD climbed above 1.2200 slowly today, likely correcting from yesterday’s selloff. The psychological 1.2300 line could provide resistance.

Now that the ECB meeting has passed, markets are anticipating the release of the US change in nonfarm payrolls and unemployment rate, both are set to be released at 12:30 GMT.

EURUSD 15-minute: August 3, 2012

German_Backlash_Begins_Following_ECB_Announcement_body_eurusd_daily_chart.png, German Backlash Begins Following ECB Announcement

--- Written by Benjamin Spier, DailyFX Research

“Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.”

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