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EURUSD Nudges Lower After ECB Stands Pat: Press Conference Ahead

EURUSD Nudges Lower After ECB Stands Pat: Press Conference Ahead

Nick Cawley, Strategist

EURUSD Talking Points:

  • Monetary policy levers left untouched.
  • Will Draghi give the market any clues at the press conference.

The DailyFX Q3 EUR Forecast is available to download.

ECB to Reduce Asset Purchases

The latest ECB monetary policy announcement produced no surprises as the central bank left all settings unchanged. The ECB reiterated that asset purchases would halve to EUR15 billion in October from a current rate of EUR30 billion and that interest rates would be kept on hold ‘through the summer of 2019’.

EURUSD remained little changed post announcement and investors will now wait to see if President Draghi gives any clues about Q2 GDP growth – a slight downgrade is expected – or if there is a chance that asset purchases may continue next year.

EURUSD currently trades around 1.16150 and sits in the middle of the 20- and 50-day moving average cloud.

EURUSD One Hour Price Chart (September 5 -13, 2018)

EURUSD Nudges Lower After ECB Stands Pat: Press Conference Ahead

IG Client Sentiment Datashow that retail investors are 44.8% net-long EURUSD but recent changes suggest the pair may soon move lower.

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

--- Written by Nick Cawley, Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

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

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