Draghi Says ECB is Ready to Act

by Joe Oliver, Forex Trading-Pips

Mario Draghi the European Central Bank President said officials are ready to add more stimulus to the euro region’s economy if necessary. “We monitor all developments closely and we stand ready to act”. Unemployment in the Euro Zone recently reached 11 percent, the highest level on record.

Talk of stimulus is putting a bid to risk assets with gold and Australian dollar appreciating sharply over the past 4 days. Earlier today Australia reported growth came in at 4.3 percent higher compared with the first quarter of 2011.

Traders were heavily short coming into the end of last week, recent talks of further stimulus is causing some traders to lighten up on their short positions.

 

XAU Gold 60 minute bars

XAU Gold 60 minute bars