EUR/USD sits at 1.2288, pretty much unchanged from the North American close Thursday, as the market consolidates yesterdays’ impressive Draghi-induced gains.
Whilst there is a fair degree of scepticism surrounding Draghi’s promises/pledge, the market doesn’t seem in any great hurry to offload the single currency.
Personally I’m waiting patiently for a German response to the comments.
Talk of buy orders clustered down at 1.2240/60, sell stops below there. Sell orders clustered 1.2300/20, buy stops through 1.2330.
No important euro zone economic data releases until 12:00 GMT and the release of German CPI for July. Expected +0.4% m/m, +1.7% y/y. EU harmonised +0.4% m/m, +1.9% y/y. (obviously we’ve the individual state data beforehand)
