EUR/USD tumbles to sub-1.1300 level on ECB headlines, but recovers quickly

Haresh Menghani FXStreet

The EUR/USD pair turned sharply lower and lost nearly 80-pips in just few minutes after Bloomberg reported an ECB sources story that says the market misinterpreted Draghi's remarks on stimulus.

According to the report, Draghi's speech was intended to strike a balance between recognizing the region’s economic strength and warning that monetary support was still needed to attain the path of inflation.

• ECB: Market misjudged Draghi's speech on stimulus on Tuesday

Immediately after the news flash, the pair tumbled below the 1.1300 handle but quickly recovered over 20-pips from lows to currently trade around 1.1320-25 band.

Investors would now keenly scrutinize ECB President Mario Draghis comments at a panel discussion at the European Central Bank Forum on Wednesday.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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