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Tuesday, 29 March 2011

Action Insight Daily Report 3-29-11

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Daily Report: Euro Recovered on Hawkish Trichet, Resuming Up Trend?

Euro recovers mildly over night as supported by hawkish messages from ECB President Trichet, who emphasized that inflation is now "durably above the common definition of price stability in the eurozone." The comments reinforced expectation of April hike from ECB, which Trichet signaled by using the magical word "vigilance" in last post meeting press conference. The comments also triggered some speculation that April's hike wouldn't be a one-off event as Trichet is possibly starting to pave way for future hikes. Technically, it's possibly that EUR/USD's retreat was finished at 1.4020 yesterday after holding ground above 1.4 psychological level. A break of yesterday's high of 1.4119 will likely send EUR/USD to retest 1.4247 high.

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