The main risk of a systemic crisis is now dismissed by the ECB projects, risk appetite could return despite mixed U.S. data.

The President of the ECB confirmed that the institution may purchase an unlimited number of short-term bonds on the secondary market. However, supported governments should take strict budget reduction commitments. Not to scare away investors, the monetary authority has waived its preferred creditor status. Draghi evokes a “we will have a fully effective backstop to avoid destructive scenarios.”

American side, the non-farm payrolls amplified speculative sales of dollars due to a decline in hiring more pronounced than expected in August. With an unemployment rate drops from 8.3 to 8.1%, the assumption of new quantitative measures is unlikely to be announce, whereas the FED meeting will be held on 12 and 13 September.

Graphically, recent events have given a boost to the euro and now is testing 1.28 after erasing an important threshold to USD 1.2666. If a technical consolidation could happen due to profit taking, we expect nevertheless a new bullish stage to USD 1.3083 over the medium term.