Euro Recovers As ECB President Draghi Set To Unveil QE Details
05 Mars 2015 - 2:26PM
RTTF2
The euro trimmed its early losses against its major rivals
during European deals on Thursday, as the European Central Bank
President Mario Draghi is expected flesh out more details of the
bank's quantitative easing program at his press conference at 8.30
am ET.
The expanded asset purchase program worth 1.1 trillion euros was
introduced at January meeting, and was aimed to boost the economy
and prevent deflationary spiral in the euro area. He is also set to
unveil the latest set of ECB Staff macroeconomic projections, which
would give the forecasts for 2017 for the first time.
At its rate setting meeting in the Cypriot capital Nicosia, the
ECB held the refinancing rate at a record low 0.05 percent, in line
with economists' expectations.
The bank also held the deposit rate steady at -0.20 percent and
the marginal lending rate at 0.30 percent. The three rates were
lowered by 10 basis points in September.
In economic front, Germany's factory orders declined at the
fastest pace since last August, data released by Destatis
showed.
Factory orders fell 3.9 percent in January from the prior month,
which was the biggest drop since August, when it plunged 4.2
percent. Economists had forecast a 1 percent drop in January after
rising 4.4 percent in December.
The euro bounced off slightly versus the greenback with pair
trading at 1.1057, after falling to more than 11-year low of 1.1025
in early deals. The pair was worth 1.1076 at Wednesday's close. If
the euro continues its upward trading, it may test resistance
surrounding the 1.12 area.
Reversing from an early more than 4-week low of 132.14 against
the Japanese yen, the euro advanced to 133.13. Continuation of the
euro's uptrend may lead it to a resistance around the 134.00
mark.
The euro that fell to 0.7237 against the pound and 1.0651
against the franc in early deals changed path and was trading at
0.7256 and 1.0704, respectively. The next possible resistance for
the euro may be located around 0.74 against the pound and 1.2
against the franc.
Looking ahead, U.S. weekly jobless claims for the week ended
February 28, factory orders for January and Canada Ivey's PMI for
February are slated for release in the New York session.
At 10:00 am ET, U.S. Federal Reserve Bank of San Francisco
President John Williams will deliver a speech about the economic
outlook at the Chartered Financial Analysts Society Hawaii 10th
Annual Economic Forecast Dinner, in Honolulu.
Euro vs Sterling (FX:EURGBP)
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Euro vs Sterling (FX:EURGBP)
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