Market Research: USD

Source: Dukascopy Bank SA
Unsurprisingly, the past period was most notable for the sharp movements of the major currencies, as three rate announcements from central banks caused some spikes and plunges on Wednesday and Thursday. The first to speak was the BoC, which expectedly left the rate unchanged in favour of waiting for the budget release. That, together with an uptick in the oil prices, helped the Loonie's index climb out of the negative area and rise above most of its peers. Meanwhile, the RBNZ did surprise the market, as the official interest rate was cut and the regulator's governor said further easing was not off the table. The Kiwi's gauge lost 2% and fell below the 98 points line. Nevertheless, the ECB was the only bank that managed to evoke a palpable reaction from almost all observed indexes. As the bank announced a cut of all three benchmark rates, an expansion of QE and new TLTROs, the EUR and the CHF Indexes fell to 99 points, while most of their non-European peers enjoyed an uptick. Later, though, the press conference and Mario Draghi's comments about there being no need for further rate cuts saw the Euro's index skyrocket to 101.5 and its counterparts to plummet.

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