BOSSA.CZ (BOSSA.CZ)
Markets  |  February 08, 2013 08:52:00

EUR / USD and the reasons for yesterday's sell-off


The European Central Bank (ECB) yesterday, according to a statement his boss Draghi will monitor the impact of rising euro. Once again, emerging speculation that a strong European currency will not force the ECB to cut interest rates further. These, again, yesterday remained unchanged at 0.75 percent. "The course of the euro is not an objective of our policy, but it is important for economic growth and price stability," said Mario Draghi yesterday.

The main critic of the strong euro, the French president Francois Hollande, who called for the creation of a single exchange rate policy that would prevent neodůvodnitelným exchange rate movements. Last month, Draghi knocked off the table speculating on interest rate cuts argument about improving economic indicators. However, yesterday's hearing before him stood the question of what are the strong euro.

Draghi sees euro area economy as a month ago. The economy is expected to experience the worst of the beginning of 2013, and then begin to grow gradation. Positively by Draghi also seems a step repay banks borrowed 140 billion euros previously. This amount provided by the ECB last year with 3-year maturity. "This gesture reflects the improving situation on the financial markets," said Draghi. "We will carefully monitor conditions in the money market and their impact on monetary policy to remain accommodative," said the head of the ECB.

Draghi was also grilled questions regarding bank scandal concerning fraud and bribery in the bank Monte dei Paschi di Siena and Mario. Draghi was in 2006-2011 governor of the central bank of Italy. The scandal relates to the third largest bank in Italy, which faces loss of about 1 billion euros, thanks to poor business in derivatives.Moreover, it is weakened due to the 9 billion dollar acquisition of rival Antonveneta.

Eurodollars yesterday responded to a strong sell-off. This was expected since Monday when the price goes through the 50th Fibonacci level This happened yesterday during the afternoon hours. The reaction was again slightly inflated because the ECB did not come with any concrete step, how to work with the high euro. From a technical point of view, yet fills our original analysis and return back to trend line that holds the EUR / USD in a bull trend. P ozornost slowly approaching as well as bears, who would still have to be careful. Their time will come when overcoming bottlenecks between the price of 1,34 and 1325. Note also the forming head-shoulders formation, which could help to overcome the Fibonacci support level of 38.2.

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