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EUR/USD Daily Forecast – 12 April

Monday, Apr 11 2016

There were no major data releases from Eurozone yesterday. European Central Bank Governing Council member Francois Villeroy de Galhau repeated on Saturday that the ECB has additional policy tools at its disposal and is prepared to use them to achieve its inflation target. "The ECB is not short on ammunition," Villeroy de Galhau said in an interview with Italy's La Repubblica newspaper. "This is what we said before our meeting on March 10 and we showed that we still have numerous powerful instruments." Villeroy de Galhau, who heads the Bank of France, said that "as long as we are not at our inflation target it is legitimate use all monetary policy instruments. We will carefully watch over the financing conditions of economic agents, and if necessary we could do even more."

In the interview, Villeroy de Galhau also also reiterated his call for a Eurozone finance minister who could define an economic strategy for the single-currency bloc. "Monetary policy cannot do everything," the Bank of France governor said. "The monetary pillar exists and is strong, the ECB has done its job." He added that "what is lacking terribly is the second pillar, a major coordination of economic policy. For this reason, I also propose the appointment of a European minister of finance."

 

There will be no major data releases both from Eurozone and the USA on Tuesday , so we can expect a bit steadier session. 

More in this category: « GBP/USD Daily Forecast – 12 April AUD/USD Daily Forecast – 13 April »

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