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EUR/USD continues to drift ahead of ECB announcement
Currency traders have knocked over 300 pips off the EUR/USD following last month’s comments from Mario Draghi, who mentioned that he would take action in June to combat the strength of the euro.
The last five trading days have seen the EUR/USD rate dip below the $1.36 level in anticipation of events on Thursday. The market has factored in that there will be a change to the ECB base rate, dropping from 0.25% down to 0.1%. This, to an extent, is merely window dressing and it will be the add-on actions that will gain the majority of currency trader’s focus. Not that market watchers will have needed any more convincing, but the poor German manufacturing figures are just the latest reminder of why action is required.