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European Central Bank (ECB) president Mario Draghi will be speaking today, outlining his latest views on the eurozone economy. It is also interest rate decision day, but it is highly unlikely that we will see any change. Yesterday’s news that EU unemployment had fallen to 12.1% caught the markets by surprise, especially as it was expected to rise to a new high.
The markets are quieter now as we are well into the summer holidays, and dealing rooms around the city are thinner. As this is the case it would be an odd time for the ECB to come to the table with any new incentives or plans. In fact it would arguably be reckless with volumes low and volatility already higher; it is questionable how much the markets could take.
Looking at the charts, today’s drop is still well within the bullish run that the currency cross has been benefiting from. Depending on what comments we hear today, the longer term test is that of the June high 1.3418.