ECB Full Confidence in Spain

EUR/USD was trading on a tight range awaiting the ECB Press Conference this morning. As the optimistic soundbites started emerging the EUR recovered some lost ground.

ECB President Mario Draghi turned around the EUR trend by emphasizing the positive effects of the LTRO program. Draghi also commented that he sees a drop in volatility indicators as more countries make progress on fiscal consolidation.

Draghi reiterated the confidence in two of the main contributors to currency volatility. The ECB president praised Spain and Italy as they are on a good path

Here is a snapshot of OANDA client positions

OANDA Open Orders and Positions for May 3rd, 2012

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza