News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Bitcoin has taken a backseat to other volatile risk assets today, with the cryptocurrency down less than half a percent $BTC $USD
  • Who needs a 2 and 20 when you have Reddit?? #GameStop
  • The #Bitcoin bull has taken a back seat, at least for now, but speculative fervor continues to run high as witnessed by the saga taking place in the stock of Gamestop. Get your market update from @JStanleyFX here:
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.57% 🇬🇧GBP: 0.45% 🇦🇺AUD: 0.45% 🇨🇭CHF: 0.17% 🇪🇺EUR: 0.17% 🇯🇵JPY: 0.13% View the performance of all markets via
  • USD/CAD continues to retreat, now trading below 1.27 $USD $CAD
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Silver: 0.44% Oil - US Crude: 0.27% Gold: -0.27% View the performance of all markets via
  • Waiting for Kodak to claim it is the most shorted stock in the world. If blockchain and vaccine pivots don't work, maybe this will be the ticket.
  • US to order 100 million more doses of Pfizer and Moderna vaccines to fight supply shortages - BBG
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Germany 30 are at opposite extremes with 70.32%. See the summary chart below and full details and charts on DailyFX:
  • Mircosoft Earnings 2Q Revenues: $43.08 B, EST. $40.20 B EPS: $2.03 act. vs $1.64 est. $MSFT 246.46 +7.19%
Euro Declines as ECB President Draghi Switches Back to a Dovish Tone

Euro Declines as ECB President Draghi Switches Back to a Dovish Tone

Benjamin Spier, Technical Strategist

THE TAKEAWAY: ECB’s Draghi says economy to continue to weaken in start of 2013 -> Remarks notably more dovish than January -> Euro drops back below 1.3500

The Euro fell as much as 125 points against the US Dollar, as European Central Bank President Mario Draghi took a more pessimistic and dovish tone when talking about the European economy at his monthly press conference. The press conference followed the ECB’s decision to keep the interest rate at 0.75%, which Draghi said was a unanimous decision.

Regarding the recent appreciation in Euro trading, Draghi only said that that the central bank will be watching for theeffects the appreciating Euro has on inflation risks. The ECB President also said that Euro appreciation shows confidence in the Euro-area, and exchange rates should reflect fundamentals.

Draghi said that based on available data, he sees continued weakness in the fourth quarter of 2012 and the beginning of 2013. He reiterated that a Euro-zone recovery will begin later in 2013, but refused to specify which quarter he meant specifically. Draghi said that the central bank expects inflation to drop below 2% in the coming months, following the fall to the ECB’s 2% target in January.

Due to the lower inflation, Draghi said the ECB maintains an accommodative stance. However, Draghi added that the central bank has not changed its position on negative rates.

Finally, referring to the recent better-than-expected early payments of the ECB’s LTRO loans to European banks, Draghi said that repayment of the LTRO is a sign of confidence.

Draghi’s comments about continued economic weakness and an accommodative policy were perceived by the markets as more dovish than his January remarks, which led to the EUR/USD decline below 1.3500 for the first time in 8-days. The 1.3500 level may now continue to provide resistance, and support may now be provided by a previous resistance line around 1.3374.

EURUSD Daily: February 7, 2013

Euro_Declines_as_ECB_President_Draghi_Switches_Back_to_a_Dovish_Tone_body_eurusd_daily_chart.png, Euro Declines as ECB President Draghi Switches Back to a Dovish Tone

Chart created by Benjamin Spier using Marketscope 2.0

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to .

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