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US Session: The market left shell-shocked on Draghi

FXStreet (Guatemala) - The US session was scrambling around in a panic on the back of Europe’s action with Draghi taking the spot light delivering a speech that left markets with a strong indication that we will see further easing which sent the Euro to finish up a shave away from the November lows and over 1.2% down on the US shift and close to 200 pips lower on the week.

GBP/USD took a back seat in the consolidation corner having been bolstered on the UK's domestic data from and strong retail sales surprises in the week in London but the pair finishes up now back into neutral territory down 0.25% on the session with lows at 1.5626.

USD/CAD was scrambling back lost ground towards the end of the NA session and back in for the mid 1.1200’s on the back of CPI for the Canadian economy and rising WTI prices. CPI year on year came in for October at 2.4% vs 2.1% expected and 2.0% previous.

EUR/JPY was a big moved and made a huge correction from the 148 handle and through the Nov low at 146.39 on the back of Draghi’s comments.

AUD/USD found a base on 0.8860 after a steep drift lower post its European markets highs through the 0.87 handle when China cut 1 their year lending rates by 0.4 and the 1 year deposit rates by 0.25 to 2.75% to help bolster the economy.

USD/JPY remained a non-contender and only managed a sideways drift in the US session having given all that it could give from the lows on the 117 handle in Europe. Previous to that, the Yen had strengthened when Japan's finance minister gave the markets his concerns about the rapid depreciation of the currency in Asia trade. Aso said "the pace of the decline in the past week has been too fast". The pair finishes up at 117.80 into the close.

US stocks closed Friday with gains and scored 5th positive week

Wall Street rallied on Friday as investors welcomed China's decision to cut its benchmark interest rate and comments from Mario Draghi that the ECB is ready to expand its asset purchase program.
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