ECB bide their time over introducing further stimulus, Euro gains on meeting outcome; Oil price jumps as US inventories fall heavily

By Kymberly Martin

The NZD has been amongst the weakest performers over the past 24-hours. The USD index has gained, after initial turbulence created by the ECB’s announcements.

The ECB meeting and oil price movements were the two key events to note overnight. Global oil prices jumped after data showed the biggest drawdown in U.S. crude inventories in 17 years. This was partly due to a tropical storm that hit the Gulf of Mexico in late-Aug disrupting imports. Nevertheless, the WTI oil price has bounced almost 5%.

The ECB provided no additional easing at its meeting overnight and overall did not sound in any rush to offer further stimulus.

The EUR/USD, which had been trading higher ahead of the meeting, initially gained a further boost on the ECB’s announcements. However, it gradually gave up all its gain as the early morning unfolded. It now trades at a similar level to last evening, around 1.1260.

The USD has ultimately regained the upper hand. From early morning lows near 94.50, the USD index now trades at 95.10. The JPY/USD, AUD/USD and NZD/USD were all casualties of its early morning rebound.

The NZD/USD came up against renewed resistance at 0.7480 last evening and has subsequently traded down to 0.7390. It has also declined on the crosses. Notably the NZD/EUR extended its evening’s decline following the ECB’s pronouncements. It now trades at 0.6560.

The NZD/AUD has also failed to sustain a break above 0.9700. This has proved an area of resistance this week and back in early-July.

There is a smattering of data scheduled on either side of the Tasman today, though none are likely to prove game-changers for the cross. For now, resistance will likely remain approaching 0.9740, while support is eyed at 0.9600.

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Daily exchange rates

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var chart_subtitles_arr= ["Daily benchmark rate","Daily benchmark rate","Daily benchmark rate","Daily benchmark rate","Daily benchmark rate","Daily benchmark rate","Daily benchmark rate"];
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var timestamday = 86400000;
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var timestammonth31 = 2678400000;
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