ECB Provides No Surprises, Euro Higher

The euro advanced today, rising against the US dollar and the Great Britain pound, after the European Central Bank conducted its monthly policy meeting. The shared 18-nation currency also pared its previous losses versus the Japanese yen.
One of two major events this week was the ECB monetary policy meeting. Forex market participants counted on no change to the policy from the central bank. As it turned out, they were right as the ECB left interest rates unchanged and President Mario Draghi provided no surprise at the press-conference after the gathering. The euro rallied after the policy announcement.
Another important event should be US non-farm payrolls, and it is expected to be not as favorable to the common eurozone currency. Economists predict robust growth of US employment by 216,000, and if the assessment proves to be correct, the euro may resume its decline.
EUR/USD rallied from 1.2621 to 1.2664 as of 13:10 GMT today. EUR/GBP climbed from 0.7798 to 0.7837. EUR/JPY bounced to the opening level of 137.45 after falling to 136.96.

If you have any questions, comments or opinions regarding the Euro,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *