Courtesy of Mish.
Here is a 10-minute Euro chart that shows wild swings following the Unexpected ECB Decision to lower rates today.
10-minute Euro Chart
The Euro swung 2 cents vs. the US dollar but has now regained about half of the move.On a percentage basis, these are substantial swings.
10-minute Gold Chart
Charts from Barchart.
Gold fell about $30 following the ECB announcement and has taken back about a third of the decline.
US Tapering Coming Up?
Is competitive currency debasement bad for gold? It shouldn’t be.
Likely, this is more of an over-reaction to the still-lingering belief that the Fed is going to taper.
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