The euro hit a one-year high on Wednesday following the upbeat speech of Mario Draghi, the European Central Bank President.
Mario Draghi, who was speaking from Sintra in Portugal while attending a central banking conference along with other ECB officials which included The Bank of England’s Mark Carney and Stephen Poloz, Governor of the Bank of Canada hinted at a scale back of its 2 trillion euro stimulus program.
Versus the pound sterling the euro was at a 7 month high at $1.14.
Forex traders are eagerly waiting for speeches from the rest of the ECB policymaker officials.
The euro gained 0.7 percent in early Asian and European trade at $1.1365 and by the end of day gained another half a percent.
The dollar fell a third of a percent to 112.12 yen.
News of the global cyber-attack, called Goldeneye saw technology stocks down and European shares at a two month low. Nerves on the NY Stock exchange with big tech names that included Alphabet, Apple, Facebook and Microsoft weighed on the market.
George Saravelos, analyst at Deutsche said that the key vehicle via which financial conditions in the Euro area of tightening, will likely be the EUR. The euro will be in the topside range of 1.05-1.15.
Significant Momentum Behind the Euro
Asset Management’s global market strategist at JPMorgan, David Stubb thinks that the euro has significant momentum behind it and that he would be long on it for the rest of the year.
In morning trading in Europe, the Canadian dollar gained 1 percent against the US dollar.
The weakness in the dollar, pushed the pound above $1.28 in trading.
The dollar index which measures the greenback against a basket of six major currencies fell 0.2 percent to 96.227.
Brent crude futures fell 0.2 percent at $46.55 per barrel while US crude futures dropped 0.5 percent at $44.04.
Spot gold edged up 0.4 percent at 1,251.59 per ounce, helped by the weaker dollar.
24option is the leader in binary options trading and now offer traders the opportunity to trade forex and CFD trading on their platform. They offer a large selection of assets in currency pairs, stocks, commodities, indices forex and 24/7 trading.
Their platform loads extremely fast and is easy to use, it comes with lots of useful features and value added extras.
Investments are safe and secure, 24option is authorised and regulated by the Cyprus Securities and Exchange Commission and registered with the Financial Market Authority, the Hellenic Capital Market Commission and other trusted financial authorities of EU Member States.
High pay outs, free demo account, exemplary customer service are just a few of their perks.
*Trading Binary Options and substantial risk and may lead to loss of all invested capital. Make sure that you are not trading money that you cannot afford to lose.