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Fundamental Analysis 2017.07.21 – ECB Holds Rate Low, EUR/USD Slips
Today’s market should stay relatively stable as the biggest event on the economic calendar is Canada’s CPI. Investors will most likely be preoccupied with Draghi’s comments from yesterday.

EUR/USD is currently around 1.5630. It experienced a slight bump with Draghi statements during a press conference after the ECB meeting. Specifically, he noted that growth rates will increase, a stabilizing world economy will inevitably benefit European exports, the general inflation index is not expected to change, the Core Consumer Price index is also likely to grow. Further bolstering the One-Currency against the USD, Draghi noted that significant economic stimulation is necessary, but overall investors thought that Draghi’s comments indicated towards a dovish interest rate stance, but with the promise of hike in the near future.

GBP/USD spiked momentarily with the conclusion ECB president’s statements, but still couldn’t correct itself after Tuesday’s Retail Sales report. At the time of the writing of this article  the pair is at 1.2970 with little to no price volatility.

USD/JPY saw a slight correction also after  Draghi’s statements, but didn’t manage to restore its positions it lost with the Bank of Japan decision to postpone the reaching of the target inflation for one more year. The price is trading around 111.95.

Earlier today AUD/USD corrected, dipping below the highest July price of 0.7875but its seems like it is attempting to restore.

Metals also saw a boost, but still didn’t manage to touch yesterday’s highs. Gold is currently at 1245.00, silver at14.00.

Oil after its recent volatility remains unfluctuating; Brent is at 49.30, WTI at 46.75.

European indices are moving towards correction as was expected, this fluctuation is nominal though. FTSE100 slipped slightly to  7485.5, CAC40 is at 5193.0, DAX is at 12444.5.

US indices have gone down slightly the DOW is at 21624.0, S&P500 at 2471.7, NQ at 5912.0.

This article comprises the personal view and opinion of the STO Investment Research Desk and at no time should be construed as Investment Advice.
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