Yesterday, the EUR/USD dropped to a new 9-year low and reached 1.1725. The pair reacted to news that the European Court of Justice stated that the European Central Banks’ Open Market Operations “may be legal” but must meet conditions.
Last year, the German court argued that the bond-buying is illegal and therefore, the main court had to look into it. Since they found it as “possibly legal”, speculation that Mario Draghi will introduce new stimulus next week increased and pushed the pair down. However, later on, disappointing US data was released and erased the previous movement.
On Wednesday, the GBP/USD continued to trade with bullish sentiment and climbed above 1.5260. The increase was caused by disappointing U.S Retail Sales data which showed a 0.9% decrease instead of an expected 0.2% increase. In addition, the Governor of the Bank of England, Mark Carney, spoke before the Treasury Select Committee and stressed the difference between the situation in Europe and in the UK.
Yesterday, Gold peaked at $1,244/ounce but then reversed downwards. The price was boosted by weak US Retail Sales data which disappointed the market. In addition, the stock market dropped, supporting the demand for gold. However, unlike other safe haven assets, Gold is considered to be risky and is predicted to drop further down in 2015.
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