The Euro turned slightly weaker last week, losing -0.87% as dovish comments from ECB Chief Mario Draghi kept pressure on the single currency. Using his various engagements as opportunities to speak over the week, the ECB Chief signaled that with any slack in inflation, the ECB is likely to come out strongly in favor of expanded easing during the December meeting despite some opposition from Jens Weidmann. The ECB's continued dovish rhetoric kept the Euro weaker across the board with the markets expecting to see the ECB launch yet another bazooka at the meeting in December, after Draghi commented that the ECB "…will do what it must" to stoke inflation. The EURUSD pair hit a new 6-month low last week at 1.0616 as prices bounced back softly off the lows but closed near 1.0640 by Friday’s closing session. On the other hand, Fed officials stuck to their hawkish ground with some members such as William Dudley commenting that the Fed would soon be ready to raise rates.
Patterns in the Dollar Concerning FOMC Decision
Weekly Report - 23/11/2015