Euro pushed lower after ECB Nowotny comments

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Thursday, Oct 15 2015

After the EUR/USD initially tested 1.15 handle, it found significant amount of resistance there and pulled back all the way to daily low at 1.1425. The cause behind this retreat is statement by ECB member Nowotny that ECB is clearly missing its inflation target, regardless of its stimulus measure. What needs to be done according to Nowotny is additional set of instruments, including structural tools.

Nowotny said that both headline and core inflation in the euro area are “clearly” undershooting the ECB’s target. "In my view, it's quite obvious that additional sets of instruments are necessary," he said. The annual rate of inflation in the euro area turned negative in September for the first time since the ECB launched its trillion euro asset purchase program in March. The ECB targets annual inflation of close to, but just below 2%.

Euro is currently being trade around 1.1440 area. Pair is likely to find support around 1.1380 level and resistance above 1.15 handle. Later today, in the US session, CPI, Unemployment Claims, Empire State Manufacturing Index and Philly Fed Manufacturing Index figures are scheduled for a release.

More in this category: « Australian Unemployment Rate unchanged in September Sterling testing 1.55 handle »

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