EUR/USD wavers on the back of Draghi’s comments

By FXstreet.com | Updated August 07, 2014 AAA

FXStreet (Córdoba) - The EUR/USD fell sharply to a low of 1.3350 but it didn’t took it too long to bounce back to the upper side of its range and even mark a marginal new high for the day as investors assess ECB Draghi’s words.

Really nothing new came from the ECB President, who sounded a little dovish saying the Eurozone goes through “a moderate and uneven recovery” and reiterated the bank’s determination to use unconventional measures if deemed necessary.

During the Q&A of the presser Draghi talked about the risks stemming from the unrest in Ukraine and EU's sanctions against Russia, saying it's difficult to already assess the impact of the geopolitical tensions around the works on European markets.

The EUR/USD saw a quick drop to 1.3350 followed by a run to 1.3393. However, the rally was also short-lived, confining the pair to the 1.3365 area, where it is trading at time of writing.

Despite intraday volatility, the EUR/USD remains well within this week's range with the ECB failing to provide a longer-term direction.

You May Also Like

Related Forex Analysis
  1. Forex News

    EUR/USD erases daily losses

  2. Forex News

    EUR is weak, flirting with its multi-year lows – Scotiabank

  3. Forex News

    Dollar firm as correction ends – BBH

  4. Forex News

    EUR/USD looks vulnerable, may shift lower – TDS

  5. Forex News

    Morgan Stanley: Where to target EUR/USD in 2015? – eFXnews

Trading Center