EUR Hit Hard as Draghi Hints at Further QE, Key Focus on ECB Sintra Panel

EUR Talking Points:

欧元谈话要点：

• Draghi hints at further monetary stimulus and sends the Euro tumbling

  德拉吉暗示将进一步实施货币刺激措施并发送欧元贬值

• EURUSD falls below 1.1200 for the first time since the beginning of the month, eyeing 1.1180 support level

  欧元兑美元自本月初以来首次跌破1.1200，关注支撑位1.1180

• ZEW economic sentiment falls sharply as US tariff war continues to dampen growth prospects

  随着美国关税战继续抑制增长前景，ZEW经济情绪急剧下降

EUR suffered a hit as Mario Draghi hinted that further monetary stimulus could be needed at his opening speech at the ECB Sintra Panel. The ECB President said that quantitative easing has considerable headroom and the Euro responded by losing significant ground against most major currencies. EURUSD fell 0.35% to 1.1195, its lowest level since the beginning of June and below the psychological 1.1200 handle. The pair could now focus on 1.1180 as the next key support. EURJPY lost 0.45% to 121.216, again nearing levels not seen since the beginning of the month. EURGBP was the pair that remained most resilient after Draghis comments as investors still lack confidence in GBP and remain cautious.

由于马里奥德拉吉暗示可能需要在欧洲央行辛特拉小组的首场演讲中进一步实施货币刺激措施，欧元遭受打击。欧洲央行行长表示，量化宽松政策具有相当大的空间，而欧元则对多数主要货币失去了重要支撑。欧元兑美元下跌0.35％至1.1195，为6月初以来的最低水平，低于1.1200的心理位置。该货币对现在可以关注1.1180作为下一个关键支撑位。欧元兑日元下跌0.45％至121.216，再次接近月初以来的最低水平。由于投资者仍对英镑缺乏信心并保持谨慎，因此欧元兑美元仍然保持最大的弹性。

EURUSD PRICE CHART DAILY TIME-FRAME (MAY 2019 – JUNE 2019)

欧元兑美元汇率图表每日时间框架（2019年5月至2019年6月）

A busy few days lie ahead for EURUSD traders as both the ECB and the Fed are due to give insight on the future of their economies. ECB officials including Mario Draghi will be speaking at a forum in Portugal this week, with key focus on a policy panel with BoE governor Mark Carney due to take place today at 1400 GMT. Wednesday will see the Fed release their interest rate decision where investors will play close attention for any updates on their expectations about future growth and the likelihood of any rate cuts.

欧元兑美元交易者将面临繁忙的几天，因为欧洲央行和美联储都将对其经济的未来发表见解。包括马里奥德拉吉在内的欧洲央行官员本周将在葡萄牙的一个论坛上发表演讲，重点关注英国央行行长马克卡尼的政策小组，该小组将于今天格林威治标准时间1400时举行。周三将看到美联储公布他们的利率决定，投资者将密切关注他们对未来增长和任何降息可能性的任何更新。

DailyFX Economic Calendar

DailyFXconomic Calendar

DAILY CHART: IMPLIED ECB RATE CUT EXPECTATIONS (JULY 2019 – DEC 2020)

每日图表：隐含的ECB率削减预期（2019年7月 - 2020年12月）

EURGBP continues to be Brexit focused as the pair mostly trades sideways with heightened volatility experienced when UK political events occur. Focus will be on BoE governor Mark Carneys stance on the future of the economy and the need for more monetary stimulus, although it is expected that he will continue to have a wait-and-see stance until the Brexit uncertainty clears.

欧元兑英镑继续受到英国退欧的关注，因为英国政治事件发生时波动性增强，因此该货币对主要横盘整理。焦点将集中在英国央行行长马克·卡内斯对经济未来的态度以及对更多货币刺激措施的需求，尽管预计他将继续采取观望态度，直到英国退欧的不确定性消失为止。

ZEW Figures Offer No Relief

ZEW数字不提供救济

Increasing the downward pressure on the Euro was the release of the German Zew survey which revealed that economic expectations have decreased to -21.81 in the month of June, down from -2.1 in the previous month and well below expectations of -5.8. Although economic sentiment in Germany, which is greatly influenced by the manufacturing sector, was expected to worsen because of the increased trade tensions that culminated in US tariffs being imposed on Mexico, the figure came in much worse than expected which continued the Euro sell-off across the board. Economic sentiment in Germany has fallen back in to the deep negative, close to its lowest level of -24.7 seen in July and October 2018. The figure picked up gradually at the beginning of 2019 offering a positive reading of 3.1 in the month of April before falling back below 0 in May.

德国Zew调查结果显示经济预期已降至6月份为-21.81，低于上个月的-2.1，远低于-5.8的预期。虽然受制造业影响很大的德国经济情绪预期会因为贸易紧张局势加剧而恶化，最终导致美国对墨西哥征收关税，这一数字远远低于预期，导致欧元遭遇抛售。全面的。德国的经济情绪已回落至深度负面，接近2018年7月和10月的最低水平-24.7。这一数字在2019年初逐渐回升，4月份正面看好3.1。 5月回落至0以下。

--- Written by Daniela Sabin Hathorn, Junior Analyst

---由初级分析师Daniela Sabin Hathorn撰写