Intra-Day Market Moving News and Views
16 Dec 2014 02:23GMT
EUR/USD - ....... The single currency fell on Monday after comments from ECB's Nowotny who said 'no prospect for more interest rate moves; not goal of ECB to have uniform interest rates in Europe; ECB efforts can function only if complemented by fiscal policy moves; take-up TLTROs won't have big impact on ECB balance sheet; rules out ECB buying bonds on primary market; prospect of QE depends on economic situation; ECB will take care that its policy does not lead to restrictive effects; Eurozone inflation will probably decline in Q1, driven by energy prices.'
However, buying interest at 1.2416 lifted the pair to 1.2479/80 in NY before trading sideways.
Bids are now located at 1.2425-20 with mixture of bids and stops seen at 1.2400.
On the upside, offers are tipped at 1.2470-75 and more at 1.2485-90 with stops building up at 1.2500.
Yesterday, ECB's Visco said, quote:
'oil price falls will further lower inflation in coming months, many at ECB support containing deflation risk.'
Also yesterday, BundesBank statement:
'ECB council unanimous in agreeing to use additional unconventional measures if needed;
risks to Euro zone economic outlook are on the downside; this would mean changing scope, pace n composition of ECB measures at start of next year; sustained drop in oil price would result in 0.4% cut to its 2015 German inflation forecast.'
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