Draghi Sends Euro Lower
TFI Markets | Apr 15, 2014 03:35AM ET
The euro lost ground across the board today after comments by ECB president Draghi over the weekend, signaling that the bank would ease monetary policy further on a further strengthening of the exchange rate. Bank of France chief, Noyer, also noted that the stronger the euro is, the more accommodative policy is needed. Eur/usd and other euro crosses opened today with a gap lower and continued moving lower throughout the session. On the data front industrial production in the Eurozone came in lower at 0.2% from 0.3% while retail sales in the US were higher at 1.1% from 0.8% expected, giving the dollar another boost.
EURJPY 4h chart
The pair is consolidating above strong support at 140.00. A break and close lower could accelerate losses.
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