Global macro overview for 20/11/2015:
During his speech at the Euro Finance Week this morning, ECB President Mario Draghi has delivered a very dovish message once again. His comment "we will do what we must" is a clear message to the markets that the ECB is willing to provide additional stimulus at the next meeting in a couple of weeks. Nevertheless, still the question remains: will they deliver and how far they will go? The most obvious answer is a deposit rate cut and additional bond purchases as a form of the extended quantitative easing program. This is my best guess as the investors are no wiser on the kind of stimulus the ECB will offer than they were before.
The EUR/USD pair reacted negatively to Draghi's speech, but is has found a support at the level of 1.0666. The resistance is seen at the level of 1.0718.
