Forex Zone (Forex Zone)
Czech markets  |  February 07, 2013 09:13:46

Big day for the euro (7 February 2013)

Today at 13:45 published by the European Central Bank interest rates. Then begins at 14:30 press conference ECB chief Draghi. The expectation is that the rate will remain at the current level of 0.75%. At 14:30 is also published large number macro data from the U.S.. If Draghi surprised all and reduce the rate, it will be crucial, as it will say at the press conference.

Even the people outside of trading through the media reported that the euro is at 14 month highs against the U.S. dollar. Even French President Hollande said on Tuesday that the eurozone must develop a policy exchange rates to protect the currency against "irrational" moves. The Holland populist gestures "straightened" Erkki Liikanen of the Steering Board of the ECB, which briefly stated that "the ECB has no target for the exchange rate."

We will not listen to a press conference. But we will closely monitor market reaction. Above all, we are interested in whether or not to enter the market initiative shoppers or vendors. If you are buying, we expect that the price is still working through to 1.3800 and possibly towards 1.4000. If Draghi will "spook" and in the market for a long time finally come vigor vendors and could lose a healthy correction, to which for a long time waiting. The potential for a healthy correction perceive to 1.3100 and 1.3350.

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