Draghi Was A Blank Bullet Today
Skerdian Meta • 1 min read
Whenever Mario Draghi the main man at the ECB speaks is usually a big event in the forex market, particularly for Euro pairs obviously. Last Thursday he and the whole bunch said what they had to say in the ECB statement and during the press conference and the Euro started its 200 pip climb.
Today Draghi had another press conference a while ago (not sure if it´s still on) but nothing is being reflected in forex. EUR/USD had a 10-15 pip shakeup but that was it. Looks like all the action was reserved for the Tokyo trading session.
That said, Draghi talked about entrepreneurship in the Eurozone so it´s not really related to forex. We must keep an eye on the central bankers because they are big market movers, but we must also know when to ignore them, such as this time.
By the way, he made some nice remarks about productivity in the Euro area. He said that only by “diffusing better the technology that already exists in the Eurozone, we could make sizable gains in productivity”. He meant that Europe must facilitate and encourage firms which are at the forefront of technological advance to spread it to the ones that are lagging in this direction.
That makes sense, but the way it´s going to happen (if it does) is another story, which I can´t wait to hear. Anyway, we opened a sell forex signal in GBP/USD right below the 100 smooth moving average in red, after our second USD/JPY signal today closed in profit.