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Trading Video: Euro Steady Through ECB Updates, Emerging Markets Volatile

Trading Video: Euro Steady Through ECB Updates, Emerging Markets Volatile

John Kicklighter, Chief Strategist

Talking Points:

• ECB stress test results and stimulus updates fail to jump start the Euro

• Emerging Markets rocked by elections with sharp Brazilian Real and Russian Ruble moves lows

• Tension is building into Wednesday's FOMC decision, and markets may be underpricing the risk of volatility

See the DailyFX Analysts' forecasts for the Dollar, Euro, Pound and Gold through the 4Q on our DailyFX Trading Guides page.

Calm from the likes the EURUSD and S&P 500 belies the tension in markets. Anxiety is high as we move closer and closer to this week's top event risk - Wednesday's FOMC rate decision. In the meantime though, different fundamental sparks are making a bid for volatility. The Euro was faced two high-level events in the ECB's release of the bank stress test results and the announced tab for last week's asset purchases. Both tap into crucial fundamental concerns for the Euro, but they lack the finality of the upcoming policy meeting. Meanwhile, elections in Brazil and Ukraine generated heavy volatility for the Brazilian Real and Russian Ruble - already leaning in the direction of risk aversion and stimulus wind-down that the Fed's next moves threaten. We look at activity and tempting but troubled trade setups in today's Trading Video.

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

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