27.03 - EUR is under the threat of a huge fall today
- by Anna K.
As we all know, speeches of officials and representatives have a huge influence on traders and on the performance of certain currencies. And today we have the possibility to witness just another example of such influence. In just two hours the President of European Central Bank Mario Draghi is going to give a speech. Why should we care? Well, to put is simple he is the only person in the whole world who has that much influence on euro. Traders are used to looking for clues on the future of the currency in his speeches. And we are going to see the reaction of EUR/USD couple today around noon.
As we can see the price for the couple is trying to consolidate, but the overall sceptic mood of traders is dragging it down so hard that it is impossible for it to recover on its own. The real risk here that economic data presented by Draghi might as well be bad and there is nothing we could do about it.