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Euro Drops and Dollar Rallies after ECB Hold, Not Yet a Trend

Euro Drops and Dollar Rallies after ECB Hold, Not Yet a Trend

John Kicklighter, Chief Strategist

The ECB has joined the Fed in maintaining its current course with monetary policy - and in doing so has caught bullish speculators flat-footed. Hope for a short-term rally from stimulus and a larger buffer for fresh risk-taking has been deflated by the US central bank's refusal of QE3 demands and ECB President Draghi's inability to live up to built up rescue expectations. With this, the risk appetite drive has lost support for it drive; and EURUSD, AUDUSD and equities have downshifted. That said, unfulfilled stimulus expectations don't directly translate into an active risk aversion trend. What should we expect from volatility and strikingly refined technical setups? Can the NFPs offer a spark?

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