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EUR/USD Sinks More Than 1% After ECB Meeting

October 26, 2017 (Last updated on October 27, 2017) by

EUR/USD has started a decline at about 5:30 GMT today and accelerated the move down after the European Central Bank meeting. (Event A on the chart.) The ECB cut the size of its monthly asset purchases from €60 billion to €30 billion starting in January, but extended the asset purchase program, which should have ended this year, till September 2018. While such decision was withing expectations, markets still considered the central bank’s statement rather dovish. In particular, the ECB left the doors open to increases of size and/or duration of asset purchases.

Initial jobless claims were at the seasonally adjusted level of 233k last week, up from 223k the week before. The actual figure was near the forecast value of 235k. (Event A on the chart.)

Pending home sales were unchanged in September, while experts had predicted an increase of 0.2%. The previous month’s drop was revised from 2.6% to 2.8%. (Event B on the chart.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

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