Euro Suffers Biggest Fall Since October as ECB Reveals Interest Rate Policies


EUR/GBP - If we do get a pop higher today on the QE announcement, then it might well be worth looking at the resistance level in the EUR/GBP as a place to either short below, or trade a breakout. Futures indicated a lackluster start on Wall Street.

It is not clear when Trump will activate the measures, but rising Sino-U.S. trade tensions will put more pressure on China's economy, which is starting to show signs of cooling after a multi-year crackdown on riskier lending. At GMT 6, during the first session of Euro trading hours, we are expecting a fall of 30 points.

"That may not affect GDP growth all that much in the short term, but it will have a noticeable impact on cross-border capital flows and business sentiment", Milligan said.

Sterling was 0.16 percent higher at $1.3282. With market pricing for four hikes jumping to close to a 50%, we now await any surprises from the European Central Bank to see the next trend in EUR/USD.

The Dow Jones Industrial Average fell 7.94 points, or 0.03 percent, to 25,193.26, the S&P 500 gained 7.6 points, or 0.27 percent, to 2,783.23 and the Nasdaq Composite added 62.69 points, or 0.81 percent, to 7,758.39.

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"These opposing views should see interest rates diverging more between the two most powerful central banks in the US's favour which should continue to lend support to the dollar". Germany's DAX was down 0.3 percent to 12,846.

The euro was headed for its worst weekly loss in 19 months after the European Central Bank signalled on Thursday it will keep interest rates at record lows into at least mid-2019, even as it pledged to end its massive bond purchase scheme by the end of this year.

The common currency shed 1.9% to the dollar after the rate comments, in its sharpest daily fall in the nearly two years since the Brexit vote shock in 2016.

The drop in the euro gave a lift to the United States dollar, which hit its highest against a basket of currencies since November past year.

At the same time, the Federal Reserve declared that it would likely increase the U.S. rates twice in 2018 and four times in 2019, according to AFP.

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The U.S. currency climbed to levels around ¥110.70 after the Bank of Japan announced shortly before noon that it has decided at a just-ended policy-setting meeting to maintain its massive monetary easing.

There is also mounting concern over political upheaval in Italy, higher oil prices and the threat of a trade war with the US.

Oil prices, meanwhile, fell sharply a week before a crunch meeting of OPEC and its allies who are to decide whether to extend a production cut agreement that has been in force since the end of 2016. Saudi Arabia and Russian Federation, architects of a producer deal to cut output, have indicated they want production to rise.

Brent crude, the worldwide standard, fell 13 cents to $75.81 per barrel.

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