|09-05-2014, 12:35 AM||#1|
Euro remains weak around a 14-month low on ECB’s decision
The E.U region’s official currency; the euro, remained weak and sees its appeal still corroded throughout the US session after that dropped below $1.30 for the first time since July 2013 after the European Central Bank unexpectedly cut its main refinancing rate to a record 0.05 percent and introduced additional stimulus.
In fact today the European Central Bank slashed its benchmark interest rates to fresh record lows, attempting to prevent low inflation from taking further toll on the slowing economic growth.
The market consensus was shocked again by the ECB announcing a second round of 10-point cuts to its three key interest rates at the September meeting on Thursday, marking its second surprise decision to a looser monetary policy in just four months -- all in bid to shore up the euro amid rising geopolitical risks from the peripherals as inflation rates continues to hit rock bottoms across the region.
And no surprise that the euro is presently falling on the four and one-hour charts sending in fact the EUR/USD pair to trade up around $1.2942 while recording the highest level of $1.31546 and lowest level of $1.2920, knowing that the pair may actually slip further to the downside according mainly to the four-hour momentum indicators.
As for the British Pound, it is plunging slightly so far driving the GBP/USD pair to trade around $1.6351 while recording the highest level of $1.6466 and lowest of $1.6343 and is most probably going to also drop further to the downside according to the one-hour and four-hour stochastic oscillator.
Finally, as a result of mixed signs witnessed throughout the momentum indicators at different time charts the USD/JPY pair is consolidating around ¥105.33 while recording the highest level of ¥105.37 and lowest levels of ¥104.76.
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