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ECB Comments Continue to Confuse, but No Euro Worries

ECB Comments Continue to Confuse, but No Euro Worries

2013-08-26 10:32:00
Benjamin Spier, Technical Strategist
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EUROPEAN SESSION UPDATE: A mix of messages about another possible rate cut during Jackson Hole didn’t significantly move the single currency over the weekend

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The confusion over the European Central Bank’s next monetary policy decision continued over the weekend, as members of the central bank gave conflicting comments at the Fed’s Jackson Hole Symposium about the potential for another rate cut.

This morning, ECB’s Liikannen added that he sees uncertain positive signals for the Euro-area, thereby not clearly contributing to the rate cut conversation. ECB’s Weidmann, head of the Bundesbank, chimed in today that monetary policy cannot solve the crisis. Weidmann further said that monetary policy has entered an unknown and dangerous area, and that the central’s bank best contribution to ending the crisis are stable prices.

The various comments from the ECB members have not had a significant effect on Euro trading, as EUR/USD has seen very little volatility over the weekend and today. The pair may next see resistance by a six month high set last week at 1.3451, and support may be provided by an upward trend line from July, currently at 1.3318.

Bank of England’s Bean said today that the central bank is giving a clear sign that a rate rise is not imminent, which seemed to be obvious after the BoE’s monthly report connecting monetary policy to the unemployment rate.

There were no major economic releases during the European session, and US Durable Goods Orders should headline the North American session.

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EURUSD Daily: August 26, 2013

ECB_Comments_Continue_to_Confuse_but_No_Euro_Worries_body_eurusd_daily_chart.png, ECB Comments Continue to Confuse, but No Euro Worries

Chart created by Benjamin Spier using Marketscope 2.0

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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