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Forex Flash: EUR/USD upmove on ECB’s future approach - Commerzbank

By FXstreet.com,  January 11, 2013, 06:50:00 AM EDT

FXstreet.com (Barcelona) - Despite a ECB rate cut being expected by only a small minority, the EUR/USD found support nevertheless and Commerzbank analysts believe it was due to the expectations regarding the ECB's future approach, taking out the outlook of an eventual rate cut in the next few months: "Draghi's Communiqué largely resembled that of early December, however during the press conference he underlined much more notably this time round that the debt crisis is abating and that the leading economic indicators are stabilizing", wrote analyst Lutz Karpowitz. "Draghi mentioned falling target balances and rising bank deposits. He was not prepared to sound the all-clear but another rate cut has nonetheless become much less likely", he added, expecting the EUR/USD upmove to continue a little further today.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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