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.

Free Trading Guides
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
  • The British Pound technical outlook still seems to favor the downside. GBP/CAD may pressure key rising support from August as GBP/AUD could prolong its downtrend. GBP/CHF may fall. Get your $GBP market update from @ddubrovskyFX here: https://t.co/hBOpDKXmfW https://t.co/AJlT2YKeCu
  • USD/JPY is approaching medium-term uptrend resistance and while the outlook remains constructive, the advance may be vulnerable near-term while below confluence resistance. Get your $USDJPY technical analysis from @MBForex here: https://t.co/93D7AyhHtG https://t.co/KQcLLrkMP3
  • AUD/USD has had the most impressive show of trend over the past couple of months with the pair gaining almost 1500 pips from the March low. Get your $AUDUSD technical analysis from @JStanleyFX here: https://t.co/vLz4Rpln3u https://t.co/AOwnJja5V8
  • Has the #Euro been saved? Find out from @CVecchioFX here: https://t.co/eiXfOTyGa6 https://t.co/AyRiYpb4cN
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/ygwjGNvS61
  • The $USD, Euro, British Pound and Australian Dollar will all be at the mercy of political developments in Asia, Europe and North America this week. An avalanche of PMI data will set the backdrop. Find out from @ZabelinDimitri here: https://t.co/L8cfAgVx94 https://t.co/THWhPAS6AM
  • The price of #gold plunged 1% immediately after the stunning US jobs report crossed the wires. Get your market update from @RichDvorakFX here: https://t.co/8i0L6YIqjy https://t.co/y9dIXazJf9
  • S&P 500, Dow Jones, Nasdaq explode higher with stocks surging in response to shockingly better-than-expected monthly jobs data. Get your #equities market update from @RichDvorakFX here: https://t.co/nuMVWOzzuC https://t.co/M3nGBjd7kZ
  • The record-breaking NFPs increase behind us and the FOMC rate decision on Wednesday sets the tone for my trading video: 'Dow Soars Above 200-Day Average on NFPs, Will the #Fed Keep the Dollar Sliding' https://www.dailyfx.com/forex/video/daily_news_report/2020/06/06/Dow-Soars-Above-200-Day-Average-on-NFPs-Will-the-Fed-Keep-the-Dollar-Sliding.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/kquvec5HVc
  • Seasonal factors, oversupply issues and the outbreak of COVID-19 has seen the price of liquefied #naturalgas (LNG) fall to 22-year lows (1.519), with the situation exacerbated by ‘fuller-than-normal’ storage facilities. Get your market update here:https://t.co/VOqfkBQ4aR https://t.co/OsaphmqEmu
Euro Slides, then Rebounds, During ECB President Draghi's Press Conference

Euro Slides, then Rebounds, During ECB President Draghi's Press Conference

2013-04-04 13:55:00
Christopher Vecchio, CFA, Senior Strategist

THE TAKEAWAY: EUR European Central Bank Rate Decision > key rate on hold at 0.75%, deposit rate at 0.00% - both unchanged > ECB’s view of growth prospects for region has eroded since last meeting > EURUSD NEUTRAL

The European Central Bank kept its main interest rate on hold at 0.75% today, disappointing a minority of market participants who were expecting the most important actor in the Euro-zone sovereign debt saga to ease its monetary policy further amid a worsening recession. At the past several meetings, ECB President Mario Draghi emphasized that the Euro-zone economy would recover “later in the year,” but as several key PMI readings – especially those in Italy, France, and Spain – have plunged to multiyear lows (unseen since the global financial crisis beginning in 2007), the ECB’s tone has changed to one a bit more dour: President Draghi said that the 2H’13 recovery is subject to greater “downside risks” than previously imagined.

In the absence of a rate cut, President Draghi beat the dovish drum by saying that policy would “stay accommodative as long as needed,” implying that rate cuts down the line shouldn’t be ruled out. It is very possible that the ECB cuts rates in either May or June, as Euro-zone inflation risks remain “broadly balanced.” This sentiment was more or less confirmed – that worsening growth data could prompt the ECB to act – as President Draghi noted that the ECB will continue to “assess data” while “[standing] ready to act.”

Are you new to FX or curious about your trading IQ?

EURUSD 5-minute Chart: April 4, 2013

Euro_Slides_then_Rebounds_During_ECB_President_Draghis_Press_Conference_body_Picture_1.png, Euro Slides, then Rebounds, During ECB President Draghi's Press Conference

Charts Created using Marketscope – Prepared by Christopher Vecchio

At first, the hold in policy boosted the EURUSD starting at 07:45 EST/11:45 GMT, trading up from 1.2820 to as high as 1.2836 right after the press conference started. In the first third of the press conference, the EURUSD slid sharply, from a high of 1.2836 to as low as 1.2744. However, as President Draghi’s tone changed – he dismissed Cyprus as a “template” for future Euro-zone bailouts, while saying that there is “no plan B” for the Euro – the EURUSD started to rally. In fact, after hitting the session low of 1.2744, the EURUSD had rallied back to 1.2820 at the time this report was written, and was continuing to surge at the time of publication.

--- 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, please fill out this form

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


News & Analysis at your fingertips.