Forex calendar snapshot: Euro minimum bid rate and ECB press conference
Thursday 03 May 2012
- EURO minimum bid rate announced at Singapore time 7.45pm
- ECB press conference held at Singapore time 8.30pm
- Forecast 1%
- Outcome no change
Prior to news, EURUSD near previous low
Statements made at ECB press conference by President Mario Draghi sends EURUSD rebounding from previous week low but not enough for reversal.
Market knee jerk after ECB statements set precedence for resistance
On hindsight, market probably reacted in a knee jerk response to statements as price stops at previous intraday resistance. This level is subsequently verified as resistance on Friday after US releases non-farm employment change and unemployment rate.
Follow me with Twitter @sohtionghum
