12, May 2014

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

Last week, the ECB meeting was the main event. As it was expected - the European monetary regulator left monetary-credit policy unchanged. Mario Draghi’s press-conference aroused the greatest interest among the investors. The ECB’s chief said that the regulator wanted to stimulate the economy from the next meeting, but we must wait for macroeconomic releases on the Consumer Price Index and Q1 GDP. The euro’s high rate has been criticized by the financial authorities in the EU, as it was expected, and the EUR/USD made a “bearish” rally after the maximums October 2011 updating.

The GBP/USD trading was in the lateral channel. The BoE results publication did not arouse the interest – as we know the Bank had already said about its policy. The ECB’s head Mario Draghi weakened the euro, not only versus the U.S. dollar, but also versus the pound, however, the pair did not get serious dividends form this.

The stock market “swing” had a negative impact on the USD/JPY growth. Even moderately USA Initial Jobless Claims was unable to provide support for the “bulls”. Due to this background, the “bearish” sentiment dominated.