ECB man and president of Deutsche bank Jens Weidmann have been on the wires talking down the Euro and the ECB measure implemented in their last meeting. Weidmann is typically seen to have a positive stance towards the Euro. He noted that the ECB must be flexible about time frame to raise inflation and that they should not hit target as soon as possible at any cost.
‘Government bond purchases should be an emergency tool. We mustn't underestimate the risks of unconventional tools.’ He believed however, decisions overall went too far and the comprehensive set of measures weren’t convincing.
The Dollar is being bought across the board and that has brought cable down again to test support between 1.4140 – 1.4150 where there’s strong buying interest.
Data releases this afternoon include USD new home sales, expected much better in Feb at 3.2% from previous -9.2% and US oil inventories along with Eurozone consumer confidence. None are particularly market moving although this may bring slight adjustments.
Latest FX news by William Busby
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