The Euro Is Taking Off After More ECB Comments – Stay Clear For Now
Skerdian Meta • 2 min read
I one of our forex updates today we pointed out that the ECB was sort of hawkish in their meeting minutes, although they made it clear that they would remain on the sidelines for now.
Euro trades got excited at first after the headline comment hit the wires, but the minutes themselves were sort of neutral.
Now ECB´s Weidemann is out of his cage making some more hawkish comment´s but there´s still a sense of caution.
EUR/USD has shot higher and it´s not looking back. It broke above the resistance level and is headed for last week´s high at 1.1440-50.
He said that “domestic price pressure will increase over time”. That was the headline which made all the noise for the Euro pairs.
He´s also considering the economic recovery in Europe as robust. I would say it is robust, but it´s similar to the US as well.
Speaking of the US, Trump spoke in Poland earlier today and he didn´t put the finger on anyone regarding intervention in US elections, when we all know it was Russia and Putin. Well, he was the beneficiary so it all suits him.
Anyway, the Euro has climbed too far now so it´s a bit late to buy and the trend is a bit too strong to sell, so I will stay on the sidelines and probably concentrate on AUD/USD and USD/JPY.
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