ECB and BOE delivered their rate decisions yesterday and market wasn't surprised by the results. There was some suspicion as to whether European Central Bank would cut interest rate or not, but as we see they did not do it. Furthermore, the sentiment was that Draghi will speak in dovish tone and he did not. So, eur/usd rallied immensely and so did gbp/usd.
If you look at price action today you see sharp corrections taking place. gbp/usd is down by more than 100 pips and eur/usd about 75. And commodities lost almost everything they have gained.
Today is no less important day than it was yesterday. We have job data coming from both Canada and United States. So, you should not be surprised by consolidations taking place in both the greenback and the loonie. Let's see what today brings.
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