Euro Rises During Thursday’s Trading, Still Heads to Weekly Loss

The euro rose today, extending its rally against the US dollar for the second day. Nevertheless, the currency was heading to a weekly loss against most of its major peers.
There was just one report released from the eurozone during the Thursday’s session — Italy’s retail sales. And while the indicator was disappointing (the sales dropped 0.6% in March from February while experts had predicted an increase), it was not considered to be particularly important, thus having a negligible impact on the currency markets.
What should be important is tomorrow’s speech of Janet Yellen, Chairwoman of the Federal Reserve. Traders hope that she will shed more light on the chances for a June interest rate hike.
Traders also wonder what decision the European Central Bank will take during its policy meeting next week. For now, most experts believe that the ECB will not change anything, taking a wait-and-see approach.
EUR/USD was up from 1.1154 to 1.1192 as of 22:37 GMT today while its daily high was at 1.1216. EUR/GBP climbed from 0.7589 to 0.7632. EUR/JPY was down from 122.91 to 122.25 intraday but bounced to trade at 122.76 later.

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