The Euro jumped over 1.1800 against the dollar after ECB chief Draghi delivered a hawkish testimony in Brussels. He said domestic price pressures are rising and that he sees a relatively vigorous pickup in underlying inflation.
The Euro jumped over 1.1800 against the dollar after ECB chief Draghi delivered a hawkish testimony in Brussels. He said domestic price pressures are rising and that he sees a relatively vigorous pickup in underlying inflation.
While it is true much the same as he said at the last ECB press conference, the US dollar has been under pressure for a while and stops were pressured on the headlines. There are also sizeable short positions out there with nerves on Italy, which has allowed $EURUSD a steady rise since the lows of last month.
Headlines via Reuters
- Domestic price pressures are rising
- See relatively vigorous pickup in underlying inflation
- Data vindicate ECB’s view on medium-term inflation
- See ongoing, broad-based expansion
- Labor markets are tightening, shortages in some areas
- Pick-up in wage growth will continue
- ECB guidance on asset purchases and interest rates same as ECB meeting
From The TradersCommunity News Desk