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German election weighs on EUR – Video Analysis

Market Analysis

German election weighs on EUR – Speaking to EU lawmakers Draghi seemed to defend the ECB’s still very accommodative policy once again and so far there are no signs that the key drivers at the central bank are willing to commit to an end date for QE yet, even if monthly asset purchases are likely to be scaled back from early next year. Indeed, Draghi said the recalibration of the stimulus will main accommodation, adding that the ECB needs to be patient and persistent. EURUSD dove over 0.6% in logging a three-session low at 1.1881. EURJPY and other euro crosses also took a hit, but the dollar pairing bore the brunt with the buck itself a more attractive proposition following the hawkish guidance from the Fed last week. USDJPY settled near 112.00 after posting highs just above 112.50 during Tokyo trading, reportedly on relief that North Korea hadn’t launched any more missiles over the weekend, and with BoJ recommitment to ultra-accommodative monetary policy last week continuing to reverberate.

 

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Stuart Cowell

Senior Market Analyst

HotForex

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