EURUSD Collapses Between ECB and NFPs, USDJPY Hits 6-Year High
• The ECB pulled out all the stops with a rate cut and asset purchase program
• EURUSD collapsed over 200 points for the biggest move in nearly 3 years on the heaviest volume in two
Sign up for a free trial of DailyFX-Plus to have access to Trading Q&A's, educational webinars, updated speculative positioning measures, trading signals and much more!
Welcome back volatility. The FX markets were rocking this past session after the ECB announced a significant upgrade to its stimulus efforts. Unexpectedly, the central bank announced a 'traditional' round of rate cuts as well as a frequently-debated asset purchase program. The result of this move was a EURUSD plunge of over 200 pips for the biggest drop since November 2011 and on the heaviest speculative volume since August 2012. With this move, the people now interested in EURUSD's bear trend are finding an equally large crowd saying it is now overdone. The upcoming NFPs release may help settle the debate. We look at the extraordinary activity and opportunity showing through on the majors in today's Trading Video.
Sign up for John’s email distribution list, here.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.