Draghi’s speech: EURUSD drops 30 pips

The EURUSD pair has dropped from 1.1230 to 1.1200 as ECB President Mario Draghi said cuts in policy interest rates stay part of the tools.

The pair discovered support close to the 1.12 handle and edged higher at the beginning of a new week, although without any strong buying. The EUR was supported by record wage growth, which rose 2.4% yearly rate in Q1. The uptick got an extra boost in the wake of some reestablished USD selling following the frustrating arrival of Empire State Manufacturing Index. Indeed, producing activity in the New York district posted a record drop.

Rose Alice

About: Rose Alice

Rose Alice has a long experience as a currency analyst with a deep knowledge of the relationship between macroeconomics and currencies fluctuation.