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EUR Drops as ECB Talk up Further Stimulus, USD Supported Amid Fed QT  - US Market Open

EUR Drops as ECB Talk up Further Stimulus, USD Supported Amid Fed QT - US Market Open

Justin McQueen, Analyst

MARKET DEVELOPMENT – EUR Drops as ECB Talk up Further Stimulus, USD Supported Amid Fed QT

EUR: The Euro underperforms as ECB’s Coeure noted that the ECB are considering TLTROs and adding that inflation path will likely be shallower. Alongside this, anti-EU rhetoric from Italy’s Borghi saw Bund/BTP bond spreads widen, consequently keeping the Euro soft against its counterparts.

NZD: The Kiwi continues to lead the pack amid the improved risk tone. While US-China trade negotiators appear hopeful of an agreement, they continued to emphasise that challenges remain. Elsewhere, AUDNZD selling has helped keep NZD on the front-foot.

USD: Marginal gains for the USD index, which is predominantly outperforming against the Euro. Today sees a 2nd largest balance sheet unwind regarding the negative impact on USD liquidity, as such, USD continues to find support, printing fresh weekly highs. Eyes now turn to President Trump’s speech from 1500GMT in which he may declare a national emergency for funding the border wall

DailyFX Economic Calendar: – North American Releases

EUR Drops as ECB Talk up Further Stimulus, USD Supported Amid Fed QT  - US Market Open

IG Client Sentiment

EUR Drops as ECB Talk up Further Stimulus, USD Supported Amid Fed QT  - US Market Open

How to use IG Client Sentiment to Improve Your Trading

Four Things Traders are Reading

  1. Gold Price Analysis: Trump Mulls Emergency Action, YTD Highs in Focus” by Justin McQueen, Market Analyst
  2. Sterling (GBP): PM May Has 12 Days or Parliament May Take Over Brexit” by Nick Cawley, Market Analyst
  3. Charts for Next Week: EURUSD, CHFJPY, AUDJPY, Gold Price & More” by Paul Robinson, Market Analyst
  4. FTSE Technical Analysis – Positive Trend into Resistance Clouds Outlook” by Martin Essex, MSTA, Analyst and Editor

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

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