Having a quick look at the majors in Forex, we can see that the US dollar firmed after being down early in the week. The euro really didn't really do much at all. As I said, most of the move by the ECB was already priced in by Draghi's endless jawboning. The Canadian dollar was well down after they cut the official interest rate by .25% on falling inflation concerns. The Swiss franc was well down since the unpegg from the euro. The British pound was still in sideways consolidation. The BOE are in no rush to raise rates any time soon. The Japanese yen was firmer due to the BOJ being happy with the current level for now. No doubt they will devalue with more QE when the time suits. The New Zeland dollar was well down on the possibility of a rate cut. The RBNZ raised aggressively in 2014 by 100 basis points over 4 meetings. The global slowdown and doubts about the U.S. rate rise have been sighted as possible reasons for a cut. The Australian dollar was down on the possibility of a rate cut in the week ahead. I don't expect that they will cut yet, but we will just have to see.
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