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Despite the fact that the European Central Bank left the interest rate unchanged at 0.0%, investors only had one statement from ECB President Mario Draghi that discussions on changes in monetary policy should be held in the fall.
This led to a sharp purchase of the European currency against the US dollar, as well as to other currencies.
Draghi also drew attention to the fact that the council unanimously decided not to change the assessment of the outlook for the policy and did not discuss the exact date of the changes.
In spite of this, the president of the ECB spoke positively about economic growth. In his opinion, the incoming data confirms the strengthening of economic growth and the risks to the outlook of economic growth seemed to be balanced. However, according to the manager, this growth is still not enough to increase inflation, as well as, the overall level of inflation constrained by energy prices.
Draghi also pointed out that the European economy still needs a very significant impetus, and if necessary, the ECB is ready to increase asset purchases.
Weak data on the US economy put down pressure on the US dollar.
Yesterday, it was recognized that the activity pace within the area of responsibility of the Federal Reserve Bank of Philadelphia in July slowed down. Because of the reduction in new orders. According to the Fed-Philadelphia, the business activity index in the region fell to 19.5 points in July from 27.6 points in June. Economists had expected the index to reach the level of 20 points.
The Conference Board Leading Economic Index in June grew by 0.6% to 127.8 points, when economists expected that the index would gain 0.4%.
From a technical point of view, the EURUSD pair has the potential to continue its upward movement until the major resistance levels of 1.1700 and 1.1760 are renewed, where a large number of orders for fixing profits on the medium-term trend movement will be concentrated. If it is not possible to break above 1.1700 today, a downward correction will likely be formed along with a bounced towards the support level 1.1600 in the second half of the day, as short-term traders will record profit at the end of the trading week.
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