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  1. #1
    fxtrader505 is offline Senior Member
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    Post COZfx: Euro extends losses, hits fresh session lows

    COZforex: The euro extended losses against the dollar and the yen on Thursday, falling to fresh session lows after European Central Bank President Mario Draghi indicated that the bank could implement fresh easing measures as soon as next month.

    The euro dropped from more than 2 year highs against the dollar, with EUR/USD dropping 0.40% to 1.3855. EUR/USD rise to peaks of 1.3994 earlier, the strongest level since October 2009. COZFX strategist Nigel Boynton said, EUR/USD is predicted to find support at 1.3903, and a drop through could take it to the next support line of 1.3887. Meanwhile, the pair is predicted to find its first resistance at 1.3937, and a rise through could take it to the next resistance line of 1.3955.

    The decline in the euro came after Draghi said the ECB governing council is comfortable with acting at its next meeting, after the bank has published fresh forecasts for inflation and growth. Draghi said that recent weakness in inflation has been due to food and energy prices, but added that the strong euro and weak domestic demand are also pushing down inflation. He reiterated that the ECB does not have a target for the euro exchange rate, but said that the bank would closely monitor exchange rate developments.

    The euro rise to 2 year peaks against the dollar earlier after Draghi reiterated the bank’s forward guidance, saying that interest rates will remain at their present, or lower, levels for a considerable time, but stopped short of indicating that fresh easing was imminent.

    The ECB chief said the latest data shows that the European economy is recovering, in line with the banks forecasts, but also pointed to a prolonged period of low inflation, followed by only a gradual rise in prices.

    The ECB voted to leave its benchmark interest rate unchanged at the record low of 0.25% on Thursday, in a widely anticipated decision. The central bank also held its marginal lending rate and its deposit facility rate at 0.75% and zero, respectively.
    EUR/JPY was last trading at 141.13, the weakest level since April 28.


    (COZ forex UK)

  2. #2
    safitri is offline Banned
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    Default

    Is this effect of ukraine crisis ??

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