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Euro ahead of ECB meeting

FOREX_ECB-meeting-euro-edges-off_FXPIG

The euro edged off eight-week lows on Thursday as traders readied for a European Central Bank meeting, when investors will be searching for any signals about when the bank will begin unwinding its stimulus.

The single currency rose 0.1 percent to $1.2168 but remains 2-1/2 cents off levels hit only last week, after a bounce in U.S. Treasury yields fired up dollar buying and encouraged some to question whether the euro’s rally since last year had run out of steam.

The ECB decision is due at 1145 GMT and president Mario Draghi will begin his press conference at 1230.

After a strong rally into February, the euro has since been stuck in a trading range against the dollar as investors pared back expectations of an ECB moving rapidly towards the end of its monetary stimulus programme.

In recent days the euro has sold off heavily and a fall below $1.2154, its March 1 low, would leave it at its weakest since mid-January.

Elsewhere Sweden’s crown, one of the worst performing G10 currencies in 2018, fell after its central bank kept interest rates unchanged and said continued monetary support was needed given inflation remained weak.

Most investors are bearish on the crown, believing the Riksbank will stick its ultra-dovish tone even as the ECB acts. The crown fell 0.2 percent to 10.43 crowns versus the euro, and it was also down 0.2 percent against the dollar.

DOLLAR STRENGTH

With the euro falling, the dollar traded near a 3-1/2-month high against a basket of currencies, bolstered by the 10-year Treasury benchmark yield breaching the three percent threshold for the first time in four years.

The rise in yields was driven by worries about the growing supply of government debt and inflationary pressures from rising oil prices. The recent jump in U.S. bond yields has caused U.S.-Japan and U.S.-German yield differentials to widen further in the dollar’s favour, leaving the yen and the euro lower.

Against the yen, the dollar set a 2-1/2-month high of 109.49 yen but later eased to 109.285 yen, down 0.1 percent.

The dollar also paused against the Australian and Canadian dollars after recent gains.

Source:reuters.com

The euro edged off eight-week lows on Thursday as traders readied for a European Central Bank meeting, when investors will be searching for any signals about when the bank will begin unwinding its stimulus.

The single currency rose 0.1 percent to $1.2168 but remains 2-1/2 cents off levels hit only last week, after a bounce in U.S. Treasury yields fired up dollar buying and encouraged some to question whether the euro’s rally since last year had run out of steam.

The ECB decision is due at 1145 GMT and president Mario Draghi will begin his press conference at 1230.

After a strong rally into February, the euro has since been stuck in a trading range against the dollar as investors pared back expectations of an ECB moving rapidly towards the end of its monetary stimulus programme.

In recent days the euro has sold off heavily and a fall below $1.2154, its March 1 low, would leave it at its weakest since mid-January.

Elsewhere Sweden’s crown, one of the worst performing G10 currencies in 2018, fell after its central bank kept interest rates unchanged and said continued monetary support was needed given inflation remained weak.

Most investors are bearish on the crown, believing the Riksbank will stick its ultra-dovish tone even as the ECB acts. The crown fell 0.2 percent to 10.43 crowns versus the euro, and it was also down 0.2 percent against the dollar.

DOLLAR STRENGTH

With the euro falling, the dollar traded near a 3-1/2-month high against a basket of currencies, bolstered by the 10-year Treasury benchmark yield breaching the three percent threshold for the first time in four years.

The rise in yields was driven by worries about the growing supply of government debt and inflationary pressures from rising oil prices. The recent jump in U.S. bond yields has caused U.S.-Japan and U.S.-German yield differentials to widen further in the dollar’s favour, leaving the yen and the euro lower.

Against the yen, the dollar set a 2-1/2-month high of 109.49 yen but later eased to 109.285 yen, down 0.1 percent.

The dollar also paused against the Australian and Canadian dollars after recent gains.

Source:reuters.com

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