XE Market Analysis: North America – Nov 12, 2015

The euro continued to chop around at the behest of ECB speakers, with Draghi today saying that downside risks are “clearly visible” and that the central bank was ready to act. Eurozone industrial production also disappointed at -0.3% m/m, against a median forecast for a -0.1% outcome. EUR-USD left a low at 1.0691, leaving yesterday’s trend nadir at 1.0674 untroubled before settling back in the mid-to-low 1.07s, still about 0.25% down on the day. Near-term downside potential appears to have been curtailed by a speculative market already running an extreme net short exposure to the euro.