EUR/USD flying after a statement from Draghi and touch area of 1.3 as predicted yesterday. Draghi, in a news conference, vowed to preserve the euro zone's monetary system and its currency.
ECB decides to not change its main refinancing rate at 0.75%. The press conference was where all the action was, and it's difficult to imagine what new can be said as the ECB observes that Spanish politics are hindering Spain's interest in applying for aid that would trigger conditional ECB bond buying. A recent article may have it right stating "it's not clear that the ECB will be Able to rescue Spain even should it apply for aid, in light of the regional elections that will Conjure the risks to revenue sharing and political stability all the while as Spain risks missing near-term fiscal targets and higher capital requirements than its recent state-sponsored stress tests indicated. "
Meanwhile, U.S. initial jobless claims showed an increase to 367,000, which means an increase of 4,000. The number came a day ahead of the NFP report roomates for months has greatly affected commodity and currency prices. With the Federal Reserve's implementation of the open-ended quantitative easing, though, that unemployment number may have Affect today.
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