Intraday Market Thoughts
Euro Hit as Draghi Hints at Negative Rates
by
May 2, 2013 16:11
The ECB dual rate cuts in the lending and refinancing rate reduced the spread between the lending (emergency) rate and the deposit rates to 1.00%-- lowest since 2008 (Oct, Nov & Dec 2008), a time when the ECB rushed to reduce the cost of emergency loans at the peak of the global financial crisis. Euro losses intensified as Draghi reiterated the willingness to deliver a negative deposit interest rate from its current zero %. All our existing non- USD Premium yen shorts hit their targets and so did our longstanding EURUSD short. 1 EURJPY hit all targets, the other stopped out. We just issued 2 fresh trades in EURUSD alongside a tactical and technical note in the latest Premium Insights
Act | Exp | Prev | GMT |
---|---|---|---|
ECB Interest Rate Decision (MAY 2) | |||
0.50% | 0.50% | 0.75% | May 02 11:45 |
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