Euro Rises Against Few Rivals, Retreats Versus Most

The euro was mixed today, rising against the Great Britain pound and the Swiss franc, but falling against other most-traded currencies, even losing its earlier gains versus the US dollar.

Mario Draghi, President of the European Central Bank, was speaking in Brussels today, and he was relatively upbeat, saying:


The euro area economy continues to expand at a moderate but steady pace, despite the adverse effects of global economic and political uncertainty. This gradual upward trend is expected to continue, not least owing to our monetary policy measures.

Economic data released over the trading session was not supporting his optimism though. In particular, M3 money supply annual growth fell from 5.1% in September to 4.4% in October.

The Organization for Economic Co-operation and Development released its Global Economic Outlook on Monday, predicting growth of the eurozone economy by 1.6% in 2017 and 1.7% in 2018 and stating:

A more robust fiscal easing than currently projected in many other advanced economies, including in the EU, would further support domestic and global activity. OECD analysis of fiscal space indicates that the EU has room for more concerted action.

EUR/USD fell from the opening level of 1.0610 to 1.0596 as of 19:20 GMT today after rallying to 1.0681 intraday. EUR/GBP rose from 0.8510 to 0.8531, touching the daily high of 0.8565. EUR/JPY dropped from 119.67 to 118.91.

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