The highly expected ECB meeting did not result in any policy changes yet it had quite an impact on the markets. Christine Lagarde, president of the ECB, refused to talk the euro down and insisted a recent negative surprise in terms the EMU inflation was not a concern. A such, she paved a way for further EURUSD gains and the pair rose above 1.19.
DE30 was mixed throughout the ECB post-meeting conference. Stronger euro and slightly more hawkish ECB is a negative but then there is a lift from recovering US indices.
The true winner could be Gold – higher EURUSD is a clear factor for this market and Gold has managed to repeatedly defend moving averages as lines of support.
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