Forex Market News
Yeeha! Draghi pummels the interest rate market and the Euro tanks 230 pips. It would seem the market wasn’t prepared for the 0.1% drop in rates, and certainly not expecting that they voted for QE. Draghi lost this round to the Germans and he wasn’t happy about it but he continued his pledge to “steer” the ECB towards a stimulus package.
Funds continued to flow out of the European continent bond market and pushed into local stocks (+1%) and more so to the US with the greenback having another strong day against most pairs. The commodity currencies of Aussie and Canada didn’t fare so bad, off smalls. US stocks were flat again and commodities continued to slide apart from copper.