Euro Shorts Back on Draghi Plan Not Without Obstacles (FXE)
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The spot price of EUR/USD saw plenty of action today in the wake of comments from ECB president Mario Draghi. Draghi signaled ECB plans to team with governments to buy bonds in crisis stricken regions in Europe. The bond buying would target shorter maturity bonds and would likely focus on Spain and Italy. The details of the plan are expected to be announced within weeks.
Traders see potential opposition from Germany as a complication, and as a result yields on debt in the affected countries rose. Optimism was high going into the meeting and the Euro was punished as a result. It now trades back under 1.22 vs. the USD. CurrencyShares Euro Trust (NYSE: FXE) is lower by 0.32 percent intraday on Thursday.
Traders see potential opposition from Germany as a complication, and as a result yields on debt in the affected countries rose. Optimism was high going into the meeting and the Euro was punished as a result. It now trades back under 1.22 vs. the USD. CurrencyShares Euro Trust (NYSE: FXE) is lower by 0.32 percent intraday on Thursday.
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