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Comments on yesterday’s ECB meeting expect EUR to go up

USD index goes down to 88.43 before some rebounding happens after Trump says he wants an ultimately stronger USD and in technical rebound as well from rather than an orderly and shortlived in nature so far.

EUR leading the way to go higher after the steady comments on yesterday’s ECB meeting. Also with Draghi’s mentioning the solid growth and inflation on the way to its target of 2% hints that the exit strategy by ECB remains on schedule. Some disappointments for EUR bears in driving short coverings for EURUSD and EUR cross but some catch up moves sends the EUR to a 1.2538 fresh high before turning back. The short term sentiment remains in constructive and expect any dips will meet with fresh demands.

GBP in choppy move as it follows EUR going high up to 1.4345 before turning back to 1.4082 low. But after Trump’s statement regarding on strong USD comments helps GBP to quickly bounce up with broad USD bearish trend remains in unchanged effect.

USDJPY in heavy top position as the market will still expecting for 107.32 same from last year’s September low, a retest in short term will happen if the price capping goes under 110 pivot level.

Commodity currencies stays in firm tone and USD rebound only driven a little retrace for those currencies so far. As the US focusing on external issues like trading and foreign exchange this might see more volatility in the market this year but the market still expects USD bearish trend to remain firmly intact.

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    Research Risk Warning

    At Hantec Global Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.