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EUR/USD hopes for good news
Markets have spent most of the week waiting for ECB president Mario Draghi to speak, and this morning is no different. Since his comments last month the EUR/USD rate has dropped by over 300 pips, and only the $1.36 level has offered any real support; it now remains to be seen whether today’s statement will offer enough to stabilise the single currency.
It is broadly agreed by market-watchers that the ECB will cut interest rates from 0.25% down to 0.1%, but this is more of a cosmetic change rather than an action that will alter investor perceptions. The real question is: what else will the ECB do on top of this?
With the track record the ECB has for delaying action, there is a very real chance that currency traders will find themselves being underwhelmed by today’s statement and, as such, a retest of the 200-day moving average closer to the $1.37 could well be seen.