Forex Daily morning Report on 2016/07/22

July 22, 2016

This article is originally referred from Traders Trust Forex Daily News

The dollar was little changed against the euro and the yen today, after the European Central Bank held back from introducing additional easing measures and as speculation surrounding radical stimulus measures by the Bank of Japan were shot down.

Commenting on the decision, ECB President Mario Draghi said that European markets weathered the post-Brexit volatility with “encouraging resilience”, but reiterated that the central bank is ready to act by using all the instruments available under its mandate if necessary.

EUR/USD held steady at 1.1033 after the ECB left its benchmark interest rate unchanged at a record-low 0.0% yesterday.

The yen had strengthened yesterday, after Bank of Japan Governor Haruhiko Kuroda in a BBC interview played down speculation Japan may be preparing “helicopter money” economic stimulus, which essentially consists in injecting cash directly to the economy by printing money.

But the BBC later said that its interview with Kuroda had been conducted in mid-June, which pushed the yen back down.

Meanwhile, the dollar remained supported after positive U.S. data yesterday boosted optimism over the strength of the economy.

Data showed that U.S. existing home sales increased unexpectedly by 1.1% in June to 5.57 million units, while a separate report showed that U.S. jobless claims fell unexpectedly by 1,000 to 253,000 last week.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 96.92, not far from Wednesday’s four-month highs of 97.37.

Disclaimer: The content in this article is Investment Research and should not be construed as containing Investment Advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. TTCM Traders Trust Capital Markets Ltd, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.

Original Source: Traders Trust Forex Daily News

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