Back
5 Jun 2014
EUR/JPY continues plunge during Draghi presser
FXStreet (London) - Following the ECB decision to trim rates, EUR/JPY has continued to decline into ECB President Draghi’s policy statement.
In the immediate aftermath of the initial rate cut, the pair jumped to post a daily high at 139.76, before reversing and declining into the hotly anticipated press conference which is presently underway.
So far Draghi has commented that there are a combination of measure being prepared, to provide additional accommodation - namely preparation of QE, more LTROs and the suspension of the sterilisation of SMP proceeds. He has added that the governing council decided unanimously to work to keep inflation expectations anchored and swift action can be expected if more easing is necessary.
So far EUR/JPY has declined to 138.75 and on a daily chart, can be seen to be approaching the 200 SMA at 138.35.
In the immediate aftermath of the initial rate cut, the pair jumped to post a daily high at 139.76, before reversing and declining into the hotly anticipated press conference which is presently underway.
So far Draghi has commented that there are a combination of measure being prepared, to provide additional accommodation - namely preparation of QE, more LTROs and the suspension of the sterilisation of SMP proceeds. He has added that the governing council decided unanimously to work to keep inflation expectations anchored and swift action can be expected if more easing is necessary.
So far EUR/JPY has declined to 138.75 and on a daily chart, can be seen to be approaching the 200 SMA at 138.35.