Wednesday, 21 August 2019
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Euro falls as markets prepare for cautious ECB
Thursday, 24 January 2019 16:07 WIB | CURRENCIES |DOLLAR EuroDolar ASAussiePoundsterling

The euro fell on Thursday ahead of a European Central Bank meeting in which policymakers may express caution about slowing economic growth.

The ECB is expected to reaffirm its plan to raise interest rates by the end of the year but traders will focus on how explicitly, if at all, the central bank acknowledges the slow-down.

The euro has lost around 1.6 percent of its value over the last two weeks as investors bet the ECB will keep monetary policy accommodative for an extended period.

If recent weaker-than-expected economic activity in Germany and France leads ECB President Mario Draghi to point to a potentially longer lasting slowdown, that could hurt the euro.

At 08:30 the euro was down 0.2 percent at $1.1355. Germany, France and Italy, the euro zone™s biggest economies, barely grew in the fourth quarter and French business activity fell unexpectedly this month, a survey showed on Thursday.

The ECB holds its first meeting of the year at a time when concerns are also growing about global trade tensions and Brexit.

Sterling traded marginally lower at $1.3043, hovering near highs last seen in mid-November in a sign traders expect Britain to avoid a chaotic exit from the European Union.

The dollar index, a gauge of its value versus six major peers, was steady at 96.06.

The Aussie dollar was a big mover in the Asian session, trading half a percent lower at $0.7104 after National Australia Bank said it would raise mortgage rates by 12 to 16 basis points.

Source: Reuters

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