ForexLive Americas FX news wrap: Draghi takes the euro for a ride

Forex news for New York trading on April 27, 2017:

ECB decision:

• ECB leaves rates unchanged
  


• ECB statement : QE can be increased in size and duration if outlook worsens


• We don"t react to political uncertainty itself says Draghi


• Draghi: We have not discussed any options for June


• The recovery is broad and strong says Draghi


• Draghi: There is no need to discuss the sequencing of exiting policy now


• We discussed the balance of risks on growth not inflation says Draghi


• Draghi: Rates to stay at current or lower levels past the end of QE

News:

• March US durable goods orders +0.7% vs +1.3% expected


• March 2017 US wholesale inventories advance -0.1% vs 0.2% exp m/m


• April 2017 German HICP flash 2.0% vs 1.9% exp y/y


• US initial jobless claims come in at 257K vs. 245K estimate


• US March advanced goods trade balance USD -64.81 bln vs -65.5 bln exp


• US sells 7-year notes at 2.084% vs 2.105% WI


• Macron/Le Pen 60.5/39.5 in IFOP poll


• Paul Ryan says leaders haven"t decided on having a healthcare vote. Here"s the conundrum.


• April 2017 KC Fed manufacturing index 12 vs 37 prior


• US"s Meadows: Healthcare bill vote may be tomorrow, Saturday or next week


• March 2017 US retail sales left unrevised at -0.2% m/m


• US March pending home sales -0.8% vs -1.0% expected


• Atlanta Fed GDPNow 0.2% vs 0.5% prior


• Liar loans threaten to kick off Canadian housing crunch as scandal hits

Markets:

• Gold down $5 to $1264


• WTI crude down 40-cents to $49.22


• S&P 500 flat at 2387


• US 10-year yields down 1 bps to 2.29%


• GBP leads, EUR lags

Draghi sent the euro for a ride on Thursday after the ECB decision. The initial move was to a session high of 1.0933 after he said that downside risks had diminished but the climbed was wiped out in minutes as he maintained a dovish tone on inflation. The reversal extended down to a session low of 1.0852. After London cleared out, a slow grind to 1.0875 followed.

The cable daily chart is one to have a look at. The period of consolidation following the election call resolved to the upside. The peak came early in Europe at 1.2917 and there was some selling down to 1.2870 as the euro slumped but the pound later disconnected and is trading just above 1.2900 in what will be the best close since October.

USD/JPY shrugged off some mediocre US data in an early rise to 111.60 but sentiment turned and it sank down to 111.10 and then 111.03 on a very strong 7-year auction. Last at 111.20.

The Canadian dollar went on another ride. USD/CAD cratered after Trump"s NAFTA announcement in a 100 pip fall but it slowly recovered and then hit a fresh 14-month high at 1.3670 as oil prices sank on Libyan production. It later slipped to 1.3625.

AUD/USD touched the lowest since January at 0.7440 but recovered to finish almost unchanged at 0.7470.

ForexLive Americas FX news wrap: Draghi takes the euro for a ride
ForexLive Americas FX news wrap: Draghi takes the euro for a ride
http://www.forexlive.com/feed/news
$inline_image !!! CLICK HERE TO READ MORE !!! ForexLive Americas FX news wrap: Draghi takes the euro for a ride Forex Blog | Free Forex Tips | Forex News http://www.forextutor.net/forexlive-americas-fx-news-wrap-draghi-takes-the-euro-for-a-ride/