The EUR/USD pair was down for a 10th consecutive session this Friday

The EUR/USD pair was down for a 10th consecutive session this Friday

By: Oliver Miller | Where To Trade | On:Friday, November 18, 2016
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European Central Bank President Mario Draghi promised that stimulus will be kept until the euro zone inflation is self-sustinable. Meanwhile, the dollar was strenghtened as Federal Reserve chair Janet Yellen's revelation that members of the American Central Bank agreed that the rate hike in the U.S. would be appropriate soon. 

Mario Draghi said that the ECB would base its decision on the withdrawal of stimulus on later examination of whether the recovery in inflation can be possible.

President of European Central Bank declared at the European Banking Conference that "Going forward, our assessment will depend on whether we see a sustained adjustment in the path of inflation towards that objective, and that means that inflation convergence towards 2% is durable, even with a reduction in monetary accommodation."

After that, the EUR/USD pair lost 0.22%, reaching 1.0600, hiting its 10th consecutive session of losses. This turnes out to be the longest strech since 1999.

But the pair was under pressure even before Mario Draghi's speech, due to the dollar strenghteing. The dollar strenght came after Jannet Yellen made it easy for the Fed to hike interest rates in December.

She referenced the November 2 Fed meeting, and declared that, back then,policymakers juged that an increase in rates might became "appropriate relatively soon". She tried to warn of the danger of wating too long in Thursday's U.S. Congress Joint Economic Committee.

"Were the FOMC to delay increases in the federal funds rate for too long, it could end up having to tighten policy relatively abruptly ",she explained.
The USD hit a 14-year record against many other currencies Friday, reaching its highest level since April 2003.

 

Oliver Miller

Oliver Miller

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Oliver Miller is one of the best financial analyst with 18 years of online trading experience

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