Euro Tumbles, Dollar Rallies and Equities Clear Resistance after ECB
• ECB President Draghi warmed put heat to speculation of a stimulus hike before the year's end
• Friday's close will contend with unexpected carry over volatility and anticipation of heavy event risk next week
See how retail traders are positioning in the majors in your charts using the FXCM SSI snapshot.
After China's 3Q GDP reading failed to generate heat Monday, it seemed that the market was destined to idle and consolidate until next week's fireworks. Yet, volatility has proven abundant with and without scheduled event risk. On the back of the New Zealand and Canadian Dollar's sharp moves, the Euro dove sharply after the ECB rate decision ended with no change but a promise to reconsider the current stimulus program at the December meeting. This taps one of the major fundamental themes of the FX and financial markets, but can it keep the market to the fire? EURUSD is at 2015 support and we are heading into the final trading session of the week with limited event risk on tap and critical updates after the weekend. We look at the landscape for market conditions post-ECB and the setups that are moving into place 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.