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ECB's Draghi says Euro Reflects Return of Confidence, EURUSD Slips

ECB's Draghi says Euro Reflects Return of Confidence, EURUSD Slips

2014-04-24 09:51:00
David Maycotte,
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The Euro slipped against the US Dollar immediately following comments made by ECB’s President Mario Draghi earlier today. The European Central Bank could cut rates, extend fixed-rate allotment, or inject more liquidity, President Draghi said.

“The Euro foreign exchange rate is increasingly important for policy,” Draghi said in a speech in Amsterdam earlier today, “the rising Euro reflects return of confidence.” As recent news-flow from Europe have disappointed the ECB pleads for a weaker FX rate.

“The exchange rate is not a policy target,” Draghi said, “but a rise in the exchange rate; all else being equal implies a monetary tightening.” The ECB has been struggling with low-inflation and the slow-rise higher in the Euro has increased speculation for ECB stimulus that may weigh on the Euro sometime in the future.

DailyFX Currency Strategist Ilya Spivak remains poised and ready for a short Euro position. “Our long-term fundamental outlook” calls for a weaker Euro,” Spivak says, “but taking a short here is unattractive from a risk/reward perspective given the pair’s proximity to near-term support.”

At the time this report was written EURUSD had pared most of its losses from when it slipped on ECB’s Draghi comments.

EURUSD Daily Chart Chart from EUR/USD Technical Analysis – Directional Conviction Absent.

ECB's Draghi says Euro Reflects Return of Confidence, EURUSD Slips

Charted Prepared by Ilya Spivak using FXCM Marketscope 2.0.

-- Written by David Maycotte, DailyFX Research Team. Questions, comments or concerns can be sent to instructor@dailyfx.com.

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