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2 May 2013

Forex: EUR/JPY erases rally on Draghi’s talk about deposit rates

FXstreet.com (Barcelona) - The ECB refi rate cut by 25bp to 0.50%, with on the marginal lending facility down by 50bp to 1.00%, triggered a rally from 128.00 to 129.91 high. However, the EUR/JPY has just pulled back and erased the rally after ECB President Mario Draghi saying that he is open to negative deposit rates at the press conference. Quickly, the market reached as low as 127.88 low, but the 128.00 area continues to support the cross.

Draghi said the ECB is technically ready for negative deposit rates and stands ready to act if needed. Incoming data and developments will help the central bank to decide next move.

Mataf.net analysts point to resistance at 128.30, 128.90 and 129.40. On the downside, supports might be found at 127.75, 127.15 and 127.00.
May 2, 2013

Forex: EUR/GBP retraces gains and collapses to 0.8410

After reacting first to the upside following the ECB rate decision, the EUR/GBP has retraced all initial gains and currently it is trading lower with the pair falling around 70 pips from 0.8480 to break below the 0.8440 and reach fresh lowest since April 29 at 0.8410.
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May 2, 2013

Forex Flash: Will Fed extend QE into 2014? – UBS

According to the UBS Research Team, “The key risk to our bullish dollar view is if the Federal Reserve decides to prolong its current round of quantitative easing into 2014.” Yesterday, the Federal Open Market Committee agreed to continue buying $85bn a month of Treasuries and mortgage-backed securities.
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