EUR/USD back into the bears den, downside wide open

FXStreet (Guatemala) – EUR/USD is trading at 1.2391, down -1.21% on the day, having posted a daily high at 1.2569 and low at 1.2375.

EUR/USD has settled in for a negative close for the week and a touch of the November lows. Just as markets were weighing up whether the dollar has any more “go” in it, Draghi delivered his most dovish speech of recent times indicating that they are likely to act in some shape or form and soon and markets are set for action to take place at the next meeting.

Draghi has indicated that they are prepared to do whatever it takes to lift inflation to their target, almost as a matter of emergency. Analysts at BBH explained that Draghi’s comments hold out the possibility that the ECB will announce an increase in the range of assets at the next meeting, at which the staff macro forecasts are likely to be cut again.

EUR/USD downside wide open again

US stocks closed Friday with gains and scored 5th positive week

FXStreet (San Francisco) – Wall Street rallied on Friday as investors welcomed China’s decision to cut its benchmark interest rate and comments from Mario Draghi that the ECB is ready to expand its asset purchase program.

China cut the benchmark interest rate for the first time in over 2 years by 40 bps to 5.6%. In addition, the 1-year deposit rate was reduced by 25 bps to 2.75%. Meanwhile Mario Draghi said the ECB will do what is necessary (whatever it takes) to raise inflation as soon as possible. ECB will adjust the size, pace and composition of asset purchases.

US stocks rallied at the opening bell, but major averages were progressively decreasing throughout the day, mainly due to profit taking. Anyway, major indices ended its fifth positive week with the Dow and the S&P scoring record close. In fact, the S&P marked its 45th record close this year.

On the day, basic materials (+2.22%), energy (+1.80%) and telecommunications (+1.10%) lead the advances. Among others, $ AAPL, $ ABBV, $ BRK.B and $ NKE posted 52-week highs. Caterpillar $ CAT (+4.0%), PetroChina $ PTR (4.88%) and Petrobras $ PBR.A (+13.16) where the biggest winners.

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US Session: The market left shell-shocked on Draghi

FXStreet (Guatemala) – The US session was scrambling around in a panic on the back of Europe’s action with Draghi taking the spot light delivering a speech that left markets with a strong indication that we will see further easing which sent the Euro to finish up a shave away from the November lows and over 1.2% down on the US shift and close to 200 pips lower on the week.

GBP/USD took a back seat in the consolidation corner having been bolstered on the UK’s domestic data from and strong retail sales surprises in the week in London but the pair finishes up now back into neutral territory down 0.25% on the session with lows at 1.5626.

USD/CAD was scrambling back lost ground towards the end of the NA session and back in for the mid 1.1200’s on the back of CPI for the Canadian economy and rising WTI prices. CPI year on year came in for October at 2.4% vs 2.1% expected and 2.0% previous.

EUR/JPY was a big moved and made a huge correction from the 148 handle and through the Nov low at 146.39 on the back of Draghi’s comments.

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