ECB aftermath
Important news for the day
ECB aftermath
The ECB has cut rates as previously expected but this move did not cause the EUR to lose momentum. At the same time news from the US came in slightly stronger, with PPI data rising a bit. This on the other hand did not cause any major change but the market sentiment changed towards a much weaker uS- Dollar. Most assets geared up steam against the Greenback.
Market talk
Oil prices as well as precious metals started to appreciate following yesterday’s news events leading to further weakness in the Dollar. The Dollar index was slashed to the downside and might start to break below the important support level soon. Should the psychological 100.00 level break, further downside momentum might intensify. Crypto markets were not able to capitalize on the the back of the lower Greenback, whereas oil was able to rise off the important support zone. The JPY also geared up steam this morning but might be ripe for some profit taking as the slide in prices had stopped for now.
Tendencies in the markets
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Equities positive, USD weak, cryptos sideways, oil positive, metals positive, JPY sideways.
Author
Frank Walbaum
FX Strategies.Asia
Frank has been working in the TV business for several years. Acquiring his skills in Germany’s biggest broadcasting station, he then chose to work and live in Asia, which was in 2007.
