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4 Jul 2013
EUR/USD briefly falls below 1.2900
FXstreet.com (Córdoba) - The EUR/USD briefly fell below 1.2900 and hit its lowest in 5 weeks as the euro weakened broadly in the wake of Draghi's comments.
Draghi weighs on EUR/USD
EUR/USD dipped to a low of 1.2881 after ECB President dialed up a notch its dovish tone and said the bank will maintain interest rates at present or even lower levels for an extended period of time. EUR/USD however, found support and bounced back above 1.2900 as soon as Draghi ended its conference to currently trade at the 1.2905/10 area, where it is 0.8% below its opening price.
Ahead of NFP
After the ECB dust settles, trading is expected to remain subdued for the rest of the day, as US markets are closed due to the Independence Day and traders take a breather ahead for the NFP reports due for release on Friday.
Draghi weighs on EUR/USD
EUR/USD dipped to a low of 1.2881 after ECB President dialed up a notch its dovish tone and said the bank will maintain interest rates at present or even lower levels for an extended period of time. EUR/USD however, found support and bounced back above 1.2900 as soon as Draghi ended its conference to currently trade at the 1.2905/10 area, where it is 0.8% below its opening price.
Ahead of NFP
After the ECB dust settles, trading is expected to remain subdued for the rest of the day, as US markets are closed due to the Independence Day and traders take a breather ahead for the NFP reports due for release on Friday.