FX.co ★ Global macro overview for 09/02/2016

Global macro overview for 09/02/2016:

ECB Executive Board member Benoit Coeure said yesterday that another boost to the QE programme was still on the table. Currently, the ECB policy makers are discussing which assets and what amount should be purchased ahead of the March meeting. The ECB's measures are working, but the Central Bank is ready to deploy more stimulus to push inflation to the targeted level of 2%. He also added that the current period of ultra-low interest rates will last as long as needed. This might mean the current asset purchase by the ECB can increase even more amid the very low interest rate and negative deposit rate.

From the technical point of view, the EUR/USD pair made a breakout higher and almost hit the 100% Fibo extension of the previous swing (12 pips miss). Moreover, there are no signs of a short-term trend reversal yet. If the level of 1.1238 gets violated, bulls will re-gain control and push prices even higher extending the rally.