EUR/USD steady, holding above 1.1300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/USD has remained steady during the last hours, consolidating important daily gains and holding above 1.1300, near the top that reached at 1.1341.

    The pair is rising for the second day in a row. Since the FOMC statement, it has risen more than 200 pips and is about to post the highest close in a month.

    “The FOMC statement, forecast updates and press conference from Chair Yellen have all helped provide EUR/USD with support and the degree of Fed dovishness and the momentum in favour of dollar selling suggests upside risks from here for the week ahead”, said analyst from The Bank of Tokyo-Mitsubishi.

    Draghi repeats message

    Mario Draghi, European Central Bank president, said in Brussels that the economy is recovering, but warned that risks remain to the downside. Those risk pushed ECB to cut rates further last week.

    According to Draghi, interest rates will remain steady or lower for an extended period of time, even after the purchase program ends. He mentioned that the Eurozone needs structural reforms and lower taxes.
    For more information, read our latest forex news.

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