Forex headlines for May 2, 2013:

The immediate knee-jerk in EUR/USD following the ECB rate cut was down to 1.3117 but it almost immediately rebounded to 1.3215. It was bouncing around 1.3200 when Draghi hinted at negative deposit rates in the press conference and that caused a fast move down to 1.3060 and eventually, a low of 1.3037.

Gold liked the ECB rate cut as it climbed $10 to $1467 after touching as high as $1473.