Forex: EUR/GBP retraces gains and collapses to 0.8410

FXstreet.com (San Francisco) - After reacting first to the upside following the ECB rate decision, the EUR/GBP has retraced all initial gains and currently it is trading lower with the pair falling around 70 pips from 0.8480 to break below the 0.8440 and reach fresh lowest since April 29 at 0.8410.

Currently the EUR/GBP is trading at 0.8415, 0.58% negative on the day. Below the 0.8410, next support is at the 0.8400 level ahead of the 0.83225. On the upside, resistances are at 0.8440, 0.8455 and 0.8475.

May 2, 2013

Forex: EUR/USD slumps on Draghi's deposit rate comments

The euro slumped to fresh daily lows sub-1.3100 against the dollar in choppy action after ECB President Mario Draghi said the bank is technically ready for negative deposit rate if it decides to act. Draghi highlights that the ECB will look at this with "open mind".

Forex: EUR/JPY erases rally on Draghi’s talk about deposit rates

The ECB refi rate cut by 25bp to 0.50%, with on the marginal lending facility down by 50bp to 1.00%, triggered a rally from 128.00 to 129.91 high. However, the EUR/JPY has just pulled back and erased the rally after ECB President Mario Draghi saying that he is open to negative deposit rates at the press conference. Quickly, the market reached as low as 127.88 low, but the 128.00 area continues to support the cross.