ECB made no changes to its monetary policy in its announcement on the conclusion of its April meeting yesterday. President Mario Draghi continued to acknowledge the risks that could possibly tamper the EZ's economic growth, but he also admitted that the recent economic expansion had made such mentioned risks less dire.
The U.S. dollar climbed broadly against its rivals on Wednesday, with the currency hitting nearly four-week highs against the yen, on anticipation that a promised White House announcement on tax reform could boost the greenback.
Sentiment was positive during the asian session, with the major inidces claiming gains for the day. Asia took a positive handover from the US, were some solid quaterly reports helped fuel strong support for the major US indices. The Dow gained more than 200 points and Nasdaq managed to claim above the 6000 level for the first time.
The euro soared against the U.S. dollar while the yen plunged on Monday as relief took hold of the forex market as Emmanuel Macron's narrowly edged Marine Le Pen in the first round of France's presidential elections. Investors bought the euro and riskier assets as polls show Macron will comfortably beat Le Pen in the second round.
EURUSD gapped higher to 1.0918 at this week’s session open after closing 1.0724 last Friday. The fresh highs in fact mark 5-month highs for the currency pair. Gains for the euro were relatively short lived however as the currency pair is now back to 1.0843 at the time of writing.
The euro stood near a three-week high against the US dollar on Thursday as forex traders dismissed broad bets against the single currency ahead of the first round of the French presidential elections on Sunday.