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EURUSD's 1400-Pip Trend Rides on ECB, USDJPY Wavers Alongside Risk

EURUSD's 1400-Pip Trend Rides on ECB, USDJPY Wavers Alongside Risk

2014-10-02 03:14:00
John Kicklighter, Chief Strategist
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Talking Points:

• Risk trends wobbled this past session with heavy drop in global equities and a USDJPY correction from 110

• Increasingly fragile investor confidence faces a critical constintuent of complacency: the ECB decision

• For the Euro, a tremendous amount of easing has been priced in - and it may be hard to live up to

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The market is ill at ease. This past session saw a global correction in risk appetite trends and serious blow to fragile complacency. And, ahead, a key player in financial stability is expected to deliver a large-scale support program. Miscues with this kind of scenario could lead to heavy market swings. The focus for the upcoming session is on the ECB's monetary policy meeting. Having already approved an asset purchase program in theory at its last meeting, the market expects the President Draghi to deliver the details after this month's meeting. However, expectations are already riding high. The EURUSD has dropped nearly 1,400 pips in anticipation of a massive stimulus upgrade. Falling short of high-level accommodation could send Euro traders scrambling. It could also offer the critical push that sends capital markets over the edge - not so farfetched with the S&P 500 so close to critical support. We look at the precarious position of the Euro and risk trends in today's Trading Video.

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