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7 Feb 2013
Forex: USD/CHF booms as Draghi says no further easing
USD/CHF has continued it climb from its morning low at 0.9064 and soared high following the ECB decision to hold rates and the subsequent press conference from President Draghi.
The pair is now trading at 0.9129 and approaching hourly 200 MA at 0.9134. In his press conference, Draghi noted that Eurozone inflation is set to fall below 2% and remain contained, while monetary policy will remain accommodative as balance sheet adjustments continue to weigh on economic growth in the first part of the year. Noting that upside inflation risks from currency strength exist, he later commented during the press conference that he believes that exchange rates should be based on economic fundamentals and that the ECB is an independent institution, and not subject to political influence.
The pair is now trading at 0.9129 and approaching hourly 200 MA at 0.9134. In his press conference, Draghi noted that Eurozone inflation is set to fall below 2% and remain contained, while monetary policy will remain accommodative as balance sheet adjustments continue to weigh on economic growth in the first part of the year. Noting that upside inflation risks from currency strength exist, he later commented during the press conference that he believes that exchange rates should be based on economic fundamentals and that the ECB is an independent institution, and not subject to political influence.