The euro put in a good rally on Wednesday and broke key resistance at $1.1750, and is currently into the $1.18 handle. The main catalyst behind the move can be pin-pointed to some hawkish comments by ECB officials, hinting that the central bank is ready to begin hiking rates soon and to end the QE program (quantitative easing). On Wednesday, ECB Chief Economist Peter Praet hinted that the ECB Governing Council will discuss ending stimulus at its policy meeting next week.
Risk is on!
Daily Analysis - 07/06/2018