European Central Bank President, Mario Draghi comments on Tuesday saw the biggest gains for the Euro for a third successive day passing the $1.14 mark in Thursday trading. Other top gainers in the G10 group were the pound sterling and the Canadian dollar.
The markets rallied behind the euro, following Drahi’s speech which suggested that the ECB would now start pulling back on their emergency stimulus for the euro zone. The euro briefly passed the high of $1.1428 of last June in early trading, to settle at $1.1425 up 0.4 percent and up against the yen at 128.275 yen or 0.4 percent.
Sterling also gained and was trading at $1.30, up half a percent whilst the Canadian dollar also gained, analysts believe that they were driven by their respective central bank governors comments. This has driven the dollar index to its lowest since October last year, prompting some supporters in the dollar to believe that the rally in the dollar is over.
What Some Analysts Are Saying?
Peter Gorra, head of G10 currency trading at Nomura believes that the Central Banks got together in an effort to arrest inflation. They got smart and acted in unison, whilst adding a two way risk to the market, the dollar rally isn’t over.
Head of global FX strategy at RBC, Elsa Lignos commented on what many analysts believe that there is little resistance for the euro beneath $1.20 and said that the 1.1500 mark will be the biggest test.
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