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Forex pairs in this Article » EUR/USD (Córdoba) - The euro is trading at nearly a two-week high, with today's ECB announcement offering a boost to the single currency, says Vassili Serebriakov, Currency Strategist, Wells Fargo Bank. "The ECB left its Refi rate unchanged in line with expectations, although market reaction does suggest there were at least some hopes for a rate cut today".

"ECB President Draghi largely repeated its earlier economic assessment, while also reiterating that the bond buying program will provide a 'fully effective backstop'", explains the analyst. "Mr. Draghi also noted favorably the recent fiscal measures from Spain, comments that could be interpreted as a hint that the ECB stands ready to activate its bond program if and when Spain makes an official request for aid".

"With the ECB decision out of the way, markets will be looking ahead to tomorrow's US September nonfarm payrolls report", he says. "Judging from recent US data, the jobs numbers should not be particularly weak, which in our view could play into further gains in risk-sensitive commodity and emerging currencies".
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