2013.02.08 : The Euro sell-off
EUR/USD
As the President of the European Central Bank spoke, the euro dropped for about 200 hundred pips. His opinion that a strong Euro could be detrimental for further economic recovery triggered the sell off and traders all around the world joined the ride down.
Technical Outlook
Fundamental Outlook
GBP/USD
The Official Bank rate remained unchanged as expected and no major surprises came from the UK; as a result the pair moved mostly sideways at the time of the GBP Rate announcement and was not influenced by Draghi’s comments or the Euro sell off. The move up seen yesterday at 10:00 am GMT was triggered by the speech delivered in front of the Treasury Select Committee by the BoE Governor Designate (starting July 2013) Mark Carney.
Technical Outlook
Fundamental Outlook