Forex: Thursday’s review

Yesterday the euro fell after European Central Bank President Mario Draghi said he didn’t signal stepping up bond purchases to spur growth.

The euro reached the lowest level this month versus the greenback, reversing brief gains, after Draghi’s comments damped speculation that the ECB would expand its bond- buying role to stem the region’s debt crisis.

Draghi said during a press conference in Frankfurt that he was “kind of surprised by the implicit meaning” that was given to his comments last week when he said the ECB could follow faster fiscal union with “other elements.”

EUR/USD: yesterday the pair has lost a figure.

GBP/USD: yesterday the pair has lost a figure.

USD/JPY: yesterday the pair fallen, but was restored later returned the lost positions.                         

On Friday the European Summit of EU heads of state and government restarts around 0900GMT this morning in Brussels, although this will be the focus for the whole session, as the overnight headlines are padded out. Early European data from Germany at 0700GMT includes final HICP, Q3 Labor costs data and also the trade balance for October. France data at 0745GMT includes industrial output and also government deficit data for October.The UK data schedule is busy at 0930GMT with BOE Quoted Rates as well as the Producer Price Index, the Trade Balance Report and Construction Output.