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Forex: EUR/JPY nose dives on ECB's Draghi

Investors pressed the EUR/JPY to the downside as ECB's Draghi spoke at the 13:30 GMT press conference. The cross lost the 127.00 handle and dropped all the way to 125.56 low. The market is already down by -0.75%, as it quotes at 125.70 as of writing.

Draghi said what was expected of him, attributing euro's strength to return of confidence, and that the ECB is independent to any calls for an exchange rate policy. He also said the central bank's stance is accomodative, but credit remains tight for small companies, and hasn't changed the position on negative rates.

UBS analysts are bullish on the EUR/JPY and say that “any setback should be limited in time and extent”, wrote analyst Geoffrey Yu, pointing to support at 124.02 and resistance at 127.92, ahead of 132.05.

Forex: EUR/USD collapses to 1.3450, 1-week lows

The EUR/USD has fallen around 100 pips since the Draghi's speech from 1.3570 to reach the lowest level since January 29 at 1.3450 where the pair has found some support. Currently the pair is trading at 1.3455, 0.50% below opening price action.
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ECB's Draghi: Economic activity should gradually recover in 2013

The ECB Governing Council decided to keep the main interest rate unchanged at 0.75% at their December monetary policy meeting. Speaking at the press conference following the meeting ECB head Mario Draghi commented on the considerations underlying the decision.
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