The US dollar was under pressure - the dollar index basket (USDX) closed the trades at the mark of 88.70 after the sharp growth at the last week. The main newsmaker was Mario Draghi. The ECB President said that the monetary authorities were ready to launch the QE in early 2015. Mario Draghi pointed to the quantitative easing positive effects in the US and in the UK. The monetary regulator lowered the CPI and GDP estimates for the next two years which is a negative signal for bulls within the euro. The euro/dollar ended with quotations growth by 0.4% amid the mixed news. Nevertheless the euro fell at the end of the last week.
The pair GBP/USD was showing a lateral trend during the last week. Taking advantage of the UK and the US negative yield spreads reduction in the first half of the day - bulls were able to bring the quotes to the level of 1.5725. However, profit-taking on short positions within the cross-rate EUR/GBP quickly returned traders from "heaven on earth".
As we noted earlier - the strong bullish sentiment predominance within the US dollar with the US and Japan stock markets growth will support demand for the pair USD/JPY. After the dollar set a fresh seven year high against the yen bulls began fix partly profits on the “longs". However, the dollar managed to recover some lost ground. The pair overcame the psychological level of 120.00 last week