Forex headlines for September 4, 2014:

ECB and Draghi:

Other data and headlines:

Draghi threw just about everything possible at the eurozone economy today and even hinted that some members of the Governing Council want sovereign QE. The market wasn’t impressed after first and part of it is all the confusion about what is and what isn’t QE. Plus Draghi didn’t drop a dollar figure which didn’t make the optics the greatest. Ultimately, the euro cracked hard on the second break below 1.3000. Better ISM numbers also gave the US dollar a lift and it was a one-way ride down to 1.2920 in the largest euro one-day fall in months.

The pound followed the euro down in a more-or-less one way move down to 1.6307 from 1.6425. Referendum worries also weighed.

The commodity bloc wasn’t sure which way to go. The first move was higher as the easing from Europe is good news for the global economy but later the flood into US dollars — probably from Europe — sparked a reversal. AUD/USD ran to 0.9293 and then back to 0.9245 in a round trip. NZD/USD lost a bit more than it gained as it rallied to 0.8350 and then to a session low at 0.8298. The Canadian dollar was able to hang onto some gains and USD/CAD finished at 1.0876 after falling as low as 1.0820.

You can also check out today’s video that I didn’t with Dale from FXStreet