The EUR experienced mixed results today against its primary currency rivals. Following the European Central Bank's (ECB) monetary policy statement, the EUR saw reversal to its previous upward movements, and Federal Reserve Board Chairman Bernanke's comments later in the day only reinforced the USD's ascent versus the 16-nation currency. The EUR finished the day against the USD at 1.4723, and down around 0.9190 against the Pound Sterling.
While holding interest rates steady, both the Bank of England (BOE) and the ECB expected to see moderate gains directly afterward. However, ECB President Trichet's comments were seen as less forceful than was expected and resulted in a corrective move against its primary rival, the US Dollar.
The EUR has also reached a peak point versus the Swiss Franc (CHF) in today's trading and many investors are now expecting a reversal to its latest uptrend. This behavior is following suit within a distinct, long-term bearish channel in the EUR/CHF pair.
Today's economic data from the Euro-Zone will be very limited with only a few minor reports being released regarding French and Italian industrial production. But Jean-Claude Trichet is due to speak at a university in Venice and could reiterate some of his stronger sentiments about the EUR's recent bullishness during his talk. Traders should watch for any news regarding this speech as it may be the leading factor in the EUR's movements today.