Weekly Forex Wrap Up: 03 November – 07 November 2014
Guest post by John Benjamin at Orbex
ECB leaves policy unchanged but ready to do more. Stands united on QE
The ECB Press Conference formed the main event this week as speculation about dissent within the ECB about Draghi’s style of management started doing rounds. This was however quickly put to rest, reflected by the opening statement of the ECB press conference as well as Draghi’s comments that the ECB’s governing council was unanimous in its decision to increase the balance sheet to the 2012 levels. Draghi however did not mention any particular figures but reiterated that the ECB was standing by for more stimulus should the need arise. While the Euro, single currency remained fairly resilient during the week, declined considerably during the ECB conference closing the day at 1.2374.