Back
4 Dec 2014
Euro rallies in the absence of additional ECB measures
FXStreet (Córdoba) - Euro rallied across the board Thursday during Draghi's press conference in the absence of concrete news of additional easing measures.
EUR/USD initially moved lower and hit a fresh cycle low of 1.2286 only to climb more than 120 pips afterward to hit a high of 1.2413. Meanwhile, EUR/GBP rose to test the 0.7900 area, while EUR/JPY rose nearly a full cent and pushed to a fresh 2-week high of 148.56.
Draghi reiterated ECB commitment to take additional measures if needed, but made no concrete announcements. Mario Draghi also announced the ECB staff lowered forecasts for GDP and inflation.
GDP forecasts for 2015 and 2016 was cut to 1.0% and 1.5% from 1.6% and 1.9% estimated in September, while ECB expects consumer inflation to rise 0.7% in 2015 and 1.3% in 2016, well below the target of 2.0%.
EUR/USD initially moved lower and hit a fresh cycle low of 1.2286 only to climb more than 120 pips afterward to hit a high of 1.2413. Meanwhile, EUR/GBP rose to test the 0.7900 area, while EUR/JPY rose nearly a full cent and pushed to a fresh 2-week high of 148.56.
Draghi reiterated ECB commitment to take additional measures if needed, but made no concrete announcements. Mario Draghi also announced the ECB staff lowered forecasts for GDP and inflation.
GDP forecasts for 2015 and 2016 was cut to 1.0% and 1.5% from 1.6% and 1.9% estimated in September, while ECB expects consumer inflation to rise 0.7% in 2015 and 1.3% in 2016, well below the target of 2.0%.