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Forex: EUR/USD oscillates around 1.3200 as Draghi speaks

FXstreet.com (Córdoba) - The euro extended gains to fresh daily highs against the dollar after data showed US jobless claims dropped to 324K last week and as Draghi addresses press in Bratislava following the ECB decision to cut the refi rate to a record low of 0.5%.

EUR/USD hit a high of 1.3218 but has been unable to break above that level so far, as investors cautiously listen to Draghi's remarks. At time of writing, EUR/USD is trading around 1.3180, where it is virtually unchanged since opening.

Draghi said in the conference that the ECB stands ready to act if needed and will look at all incoming data and monitor developments with regard to further rate cuts.

Forex: EUR/CAD recovers the mark of 1.3271/74

The EUR/CAD moved into recovery mode Thursday, following the release of upbeat Canadian data and the fallout of the ECB rate decision, which was held at 0.50%. Following a bounce off the 1.3250 level, the cross is now recovering the mark of 1.3271/74, still down a tepid -0.14% during US trading.
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ECB’s Draghi leaves door open for further rate cuts

The ECB Governing Council decided to cut the main interest rate by 25 basis points to 0.5% at their May monetary policy meeting. During the subsequent press conference the ECB head Mario Draghi also assured that the ECB “stands ready to act” should a need for further rate cuts arise.
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