Euro under pressure post ECB
The euro see-sawed through out the day post Lagarde’s rate cut comments
Lagarde hints at potential summer rate cut.
GBP/USD surges to 1.2734 as dollar weakens.
GfK German consumer sentiment sharply declines to -29.7; European markets mixed
On the Market Watch!
Euro slips post ECB
The euro saw modest recovery after yesterday’s dip, to hover around 1.0867 but continued to face downward pressure following the first ECB meeting of the year, where they kept rates unchanged at an all time high of 4%. However, what significantly impacted the euro was Lagarde's earlier remarks hinting at the potential for a rate cut later this summer.
Meanwhile the GBP/USD, surged to 1.2734 as the dollar too slipped in the European session ahead of another inflation gauge, the US PCE data for December.
GFK German consumer sentiment
European stock markets were mixed today as well as investors continued to digest mixed earnings reports. Additionally, the GfK German consumer sentiment index severely declined to -29.7 points as February approached, compared to a revised figure of -25.4 in the previous month. This suggests that a sustained recovery for Europe's largest economy is still some distance away.
Oil prices were buoyed by better-than-expected GDP data from the US, the worlds biggest oil consumer along with stimulus measures implemented by China.
Both benchmarks were set for their second weekly gain on improved market sentiment, and a decrease in crude stockpiles.
WTI eased to $76 while Brent crude hovered around $81.30.