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Hawkish ECB Rhetoric Boosts The Euro - The....>

FOREX: Hawkish ECB Rhetoric Boosts The Euro
- The EUR received a boost in early Europe following hawkish rhetoric from ECB
officials, Chief Economist Praet said "signals showing the convergence of
inflation towards our aim have been improving" and "underlying strength of the
Eurozone economy persists." Further remarks from Weidmann that "expectations of
QE end in 2018 are plausible", strengthened the case of a live meeting next
week. EUR was bid across the board with EURUSD touching $1.1771, EURJPY
comfortably holds above Y129.00, EURCAD flirts with the 200-dma (C$1.5218).
- AUD remains top of the G10 pile following the overnight release of strong
Australian GDP. AUDUSD squeezed to $0.7673 but failed to make a convincing break
of medium-term down trendline resistance, last $0.7643.
- JPY underperformed across the board. USDJPY took out option interest through
Y110.00, extending the move to Y110.15. Decent gains were also witnessed for
EUR, AUD, GBP & CAD on the crosses.
- GBPUSD tracked the early EUR squeeze to $1.3429 and has largely consolidated
gains. EURGBP holds in the middle of its Gbp0.8739-65 daily range.

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