Forex news from the European morning session 21 November 2014

News:

Data:

What started off as a very lack-lustre session kicked into life when ECB president Draghi stepped up to the rostrum and delivered a pre-meditated speech on further easing and sent the euro tumbling.

EURUSD dropped from 1.2540 to 1.2485 in a rush initially but has since chewed its way lower to 1.2418 where it lingers as I type. EURGBP gave up the 0.7975 support line to which it had been clinging for a while and has now come down to test support into 0.7900-20 after triggering stops through 0.7950. EURJPY had a rapid trip downstairs to 146.30 after having wiped its feet between 147.00-20 accelerated by USDJPY’s failure to hold above 118.00

And if that wasn’t enough to be getting on with the PBOC came out and cut interest rates which saw EUR/commodity pairs collapse in expectation of further Chinese growth/demand. AUDUSD jumped to 0.8723 from 0.8645 in an instant with USDCAD falling to 1.1277 from 1.1320. Cue some profit taking across the board and we’ve stood delicately poised since.

GBPUSD found some bidsas a result of the EURGBP selling but still managed to find its way lower to 1.5626 from 1.5685 before finding a few more buyers while USDCHF has enjoyed a one-way ride overall to 0.9686 from 0.9580 on the back of the EURUSD falls and SNB comments giving rise to EURCHF jumping to recent highs of 1.2034 from 1.2017.

Quite a session, and we can expect more to come before the week is finally over