Article / 11 January 2018 at 14:42 GMT

FX Board: EUR rips back higher on ECB minutes —#SaxoStrats

Head of FX Strategy / Saxo Bank
Denmark
Euro notes
 The record of the ECB's most recent policy meeting 
triggered a rally in the euro. Image: Shutterstock

By John J Hardy

Please see today's FX Board PDF attached to this post for the latest Notes of Interest, Trend and Trend Heat readings, as well as a few thoughts on key chart developments below.

Chart: EURUSD

The most important development of the day was a strong and broad resurgence in the euro on the release of the European Central Bank's minutes, which has the market sharply repricing its forward expectations for the ECB. If the move in EURUSD survives well above 1.2000 after the US December CPI release tomorrow, the strong weekly close will look promising for bulls, who might take the pair higher in the weeks ahead on a break of 1.2092 for a go at 1.2300+ and even 1.2500.

eurusd
Source: Saxo Bank


— Edited by John Acher

John J Hardy is head of FX strategy at Saxo Bank

Download document

FX Board for Thursday, January 11, 2018

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