Article by ForexTime

The jumped the most since 2009 against the US dollar following the European Central Bank meeting last Thursday.
The euro gained 3.1 per cent in one of its biggest-ever rallies. The striking move came after the European Central Bank unveiled its latest monetary policy plans, which were short of market expectations. Some investors found the ECB to be less dovish than expected.

Meanwhile, in the US, focus was on the all-important nonfarm payrolls data. The US economy added a better-than-expected 211,000 jobs in November after a poor performance in October. The news bolstered expectations that the Federal Reserve will raise its benchmark interest rate from historic lows when the FOMC meets on 15-16 December.

Market attention last week was also on crude oil prices. OPEC held a meeting on Friday which resulted in choppy trading in oil as confusing reports from the meeting pushed oil volatility up 10 per cent. Reports that OPEC had raised its output target sent crude sharply lower early on Friday but then losses were trimmed after the cartel said it would hold output steady and postpone the decision till its next meeting. Brent ended the day 1.4 per cent lower at $43.23 a barrel.

Article by ForexTime

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