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ECB’s President speech might affect EUR and its cross

USD index continues to grid lower despite of USD stock rebound after market plays down some trade war risks on both Xi speech and Trump positive feedback comments. Today USD remains in defensive mood with lower Nikkei and the remaining geopolitical uncertainty on Syria situation.

EUR goes higher supported by overnight Nowotny’s hawkish comments about the rate hike after summer despite of being denied by ECB spokesman later. But his view since matching with Draghi previous day hawkish view and see ECB guiding market move for rate normalization. EUR running up gradually in orderly move and risk for testing 1.2430 and then year high 1.2556 still exist. Today ECB President Draghi speech might have further hints for the market and will have some impact for EUR and EUR cross.

GBP higher on overall bullish bias for soft Brexit models and in effect of pricing for May BOE rate hike. Technical breaking 1.4100-20 region are pointing to 1.4230-40 in near term and cross GBP higher also which indirectly support the pair.

Oil and Gold surged higher on Syria situation and weak USD effect. Also commodities currencies (AUD / NZD / CAD) all benefited as well. The weak USD will still support those commodity currencies rebound in short term.

Today US CPI, ECB Draghi speech and FOMC minutes are key intraday focus.

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    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.