The ECB President’s speech has little impact on the market

The euro experienced a mixed day yesterday as ECB President Mario Draghi’s speech failed to have a notable effect on the market. With all eyes on the USA and the imminent problems posed by the failure to reach an agreement which would allow the raising of the debt-ceiling, events in the Eurozone played a minor part. Ground was lost against the US dollar during the afternoon as bets on a resolution being reached on the other side of the pond caused increased fluctuation in US dollar crosses. The single currency did however make reasonable ground against sterling. Current Account data is set to be released first thing, which may have a nominal bearing on euro performance, but there is little left by way of influential data to affect the seventeen-nation currency for the rest of the week. It is likely that events elsewhere will continue to drive market movements for the next couple of days barring any rogue speculation. Call your trader now to stay on top of euro movements.