Euro Rises Ahead Of ECB Rate Decision
07 Septembre 2017 - 08:03AM
RTTF2
The euro strengthened against most major currencies in the
European session on Thursday, as European stock markets traded
higher ahead of the European Central Bank's policy meeting, due
later in the day.
While no major policy changes are expected, it remains to be
seen whether ECB President Mario Draghi will signal measures
towards winding down the bank's quantitative easing program at some
point this autumn.
The central bank is expected to keep its refi rate at zero
percent and the deposit rate at -0.4 percent. The announcement will
be followed by a press conference, at 8.30 am ET.
In economic releases, German industrial output showed nil growth
in July following a 1.1 percent decrease in June, data from
Destatis showed. Output was forecast to grow 0.5 percent.
Eurostat reported that the euro area economy expanded at a
slightly faster pace in the second quarter.
GDP grew 0.6 percent sequentially in the second quarter, faster
than the 0.5 percent expansion seen in the first quarter. The rate
came in line with the estimate released on August 16.
In the Asian trading today, the euro held steady against its
major rivals.
In the European trading, the euro rose to a 6-day high of 1.1976
against the U.S. dollar, from an early low of 1.1914. The euro is
likely to find resistance around the 1.21 region.
Against the pound and the yen, the euro advanced to 2-day highs
of 0.9169 and 130.42 from early lows of 0.9133 and 129.95,
respectively. If the euro extends its uptrend, it is likely to find
resistance around 0.93 against the pound and 131.00 against the
yen.
Meanwhile, the euro dropped to 1.2429 against the Swiss franc,
from an early more than 3-week high of 1.2513. The euro may test
support near the 1.22 region.
Looking ahead, at 7.45 am ET, the ECB announces the outcome of
its governing council meeting. The bank is expected to keep its
refi rate at zero percent and the deposit rate at -0.4 percent.
The announcement will be followed by a press conference at 8.30
am ET. ECB Chief Mario Draghi is expected to design the groundwork
for tapering.
In the New York session, U.S. weekly jobless claims for the week
ended September 2, Canada building permits for July, Canada Ivey
PMI for August, and U.S. crude oil inventory data are slated for
release.
Euro vs Yen (FX:EURJPY)
Graphique Historique de la Devise
De Fév 2024 à Mar 2024
Euro vs Yen (FX:EURJPY)
Graphique Historique de la Devise
De Mar 2023 à Mar 2024