Yesterday the ECB press conference fell short of market expectations. Though Mario Draghi dropped a hint about a probable rate hike this year, his rhetoric remained dovish.
Following his gloomy comments, the euro/dollar pair tumbled below 1.1330 to a six-week low. However today, the currency pair is developing a steady rally. The euro/dollar pair approached 1.1340 despite downbeat data from the Ifo Institute.
Munich-based Institute for economic research reported that the business climate index for Germany sank to 99.1 in January, much worse than the consensus. Besides, the survey revealed a decline in the current assessment indicator and the expectations index. Nevertheless, the euro extended its advance versus its American rival for the reason of the greenback’s softness.
Meanwhile, the pound sterling is also taking advantage of the weaker US dollar. The pound/dollar pair lost momentum for further growth. However, the pair is still trading at 1.3100, close to a two-month high.
Recently, the British pound is highly sensitive to Brexit developments. Amid lingering standoff between the Parliament and Theresa May, Queen Elizabeth appealed to the lawmakers to come to a common denominator.
Now traders cannot express clear sentiment on the Swiss franc. The dollar/franc pair settled up at near 0.9960 after a minor upward correction from 0.9950.
At present, market participants are baffled by political turmoil in the US and overseas. So, investors are shifting focus towards safe haven assets. The US dollar is likely to recover and close the week in the green.
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