In his press conference this morning ECB Governor Draghi stated
that the council is comfortable with adding stimulus if needed next month. He
is basically setting the market up for an interest rate cut or a bond buying
program akin to what the US and the UK have been doing. EURO.USD has been smashed
and is down almost a 100 points since this announcement, EURO.CAD is also down
100 points, I think this represents good value if you need to buy some Euro.
For USD .CAD I think this move will help it continue to
slowly drop towards lower levels over the short-term.
Mike
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