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Forex Strategy Video: The ECB Sends EURUSD Tumbling on Effective Verbal Intervention

Forex Strategy Video: The ECB Sends EURUSD Tumbling on Effective Verbal Intervention

2014-03-13 21:26:00
John Kicklighter, Chief Strategist
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Talking Points:

• ECB President Draghi made a connection between the Euro's level and inflation that sent EURUSD plunging

• RBNZ, RBA and BoJ efforts to talk their currencies down have been met with more varied success

• Expectations of action, specifics and repetition are all important to successful verbal intervention

Find help with your trades and trading strategy from DailyFX analysts with DailyFX on Demand.

EURUSD tumbled this past session from multi-year highs, but the catalyst wasn't a trendline or data release. ECB President Draghi was the instigator to the sharp turn. 'Verbal intervention' from central banks is fairly common in the FX market - especially as of late - but its efficacy can vary dramatically. The RBA turned AUDUSD from 0.9000 temporarily; the RBNZ failed to drive its currency back after it hiked; and the BoJ has a long-standing issue with successes and failures talking their currency down. What makes this a successful endeavor. How should we account for it in our trading. We discuss this in today's Strategy 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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