Euro is in a state of free fall

The euro collapsed as the reason for this was again the president of the European Central Bank, Mario Draghi. He commented that he would take fiscal stimulus measures at the end of the year and would not raise interest rates until at least the following summer. Although no one was expecting an increase in interest rates, traders were prepared to hear comments about the end of QE rather earlier than claimed.

On the other hand, there is the dollar. Donald Trump’s protecţionist actions and the undisputed power of the US economy support the greenback, which continues to hammer the helpless euro. The most traded cross made 288 pips in declining manner, breaking any short-term support on its way. At the moment, the price stood at around 1.156, but it seems that the downturn will continue. This weakness of the euro is good news for European indices, with DAX recording its strongest day for quite some time.

 Trader Aleksandar Kumanov

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