EUR/USD falls and bounces on Draghi, claims

By FXstreet.com | August 07, 2014 AAA

FXStreet (Córdoba) - The EUR/USD plunged to fresh daily lows at the beginning of the New York session as better-than-expected US jobless claims data and ECB Draghi’s comments weighed on the pair.



Draghi started a speech saying the ECB’s decision to leave key interest rates unchanged was “consistent with our assessment of a moderate and uneven recovery.” He also said the ECB is strongly determined to safeguard firm anchoring of inflation expectations and reiterated the bank is ready to use unconventional measures if needed.



Meanwhile, on the other side of the Atlantic, jobless claims unexpectedly fell last week, helping the greenback.



As a result, the EUR/USD fell sharply to the 1.3350 zone, but quickly rebounded to status quo levels. At time of writing, the EUR/USD is trading at 1.3380, virtually unchanged on the day. Draghi will answer questions now, so choppy trading could not be ruled out.



comments powered by Disqus
Related Forex Analysis
  1. GBP/USD recovering from Asian lows
    Forex News

    GBP/USD recovering from Asian lows

  2. USD/JPY mellow on the back of USD sell-off
    Forex News

    USD/JPY mellow on the back of USD sell-off

  3. Dollar Cheered in Press, But Data and Fed Chatter Turning
    Forex News

    Dollar Cheered in Press, But Data and Fed Chatter Turning

  4. EUR/USD Downside Targets Favored Ahead of ECB on Slowing Inflation
    Forex News

    EUR/USD Downside Targets Favored Ahead of ECB on Slowing Inflation

  5. US Dollar Technical Analysis: Is a Pullback in the Cards?
    Forex News

    US Dollar Technical Analysis: Is a Pullback in the Cards?

Trading Center