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19 May 2015
Euro hit on all sides - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the common currency sold-off ever since London opening, on a series of EU officers talks that ended up with the currency losing almost two-full cents against its American rival.
Key Quotes:
"Earlier in the day, Benoit Coeure, member of the Executive Board of the ECB, said that the Central Bank is ready to front-load QE in May and June, due to seasonal reasons."
"Also, Christian Noyer, member of the ECB government council, stated that "the Euro system is ready to go further if necessary to deliver on its mandate of maintaining inflation close to, but below 2%." Basically, the ECB wants a cheaper EUR to keep the region in the growing path. In the meantime, Greece woes continue and EU Commission chief Junker said that there are no chances they will reach a deal in the ongoing meeting in Riga."
"On the data front, the German ZEW survey showed confidence among local business fell to its lowest level since December 2014, on the back of Greek uncertainty, whilst the EU inflation remained flat at 0.0% yearly basis, according to April figures. In the US however, housing data surprised to the upside, with Housing Starts in April surging to a seven-year high."
Key Quotes:
"Earlier in the day, Benoit Coeure, member of the Executive Board of the ECB, said that the Central Bank is ready to front-load QE in May and June, due to seasonal reasons."
"Also, Christian Noyer, member of the ECB government council, stated that "the Euro system is ready to go further if necessary to deliver on its mandate of maintaining inflation close to, but below 2%." Basically, the ECB wants a cheaper EUR to keep the region in the growing path. In the meantime, Greece woes continue and EU Commission chief Junker said that there are no chances they will reach a deal in the ongoing meeting in Riga."
"On the data front, the German ZEW survey showed confidence among local business fell to its lowest level since December 2014, on the back of Greek uncertainty, whilst the EU inflation remained flat at 0.0% yearly basis, according to April figures. In the US however, housing data surprised to the upside, with Housing Starts in April surging to a seven-year high."