Yesterday, was a monumental day as it was the ECB rate decision day. Lots of media coverage of the event the whole week coming up to Thursday.
It was widely expected that Draghi will cut interest rates by 0.25% and he did, down to 0.50% from 0.75%.
The Euro was extremely volatile and we could not catch the upside, however, instead we positioned ourselves for a reversal and it happened when Draghi hinted that he may do a negative deposit rate if necessary.
We sold the EURUSD at 1.3200 and squared the position at 1.3100, it hit a low of 1.3040, then again, we can’t always catch the top nor catch the bottom.
We made a trading profit of 100bps or 0.75%.
The Panthenon Investment Group 