Euro Extends Fall Ahead Of ECB Meeting
14 April 2015 - 08:10AM
RTTF2
The euro continued to be weaker against the other major
currencies in the Asian session on Tuesday, as traders await the
European Central Bank's monetary policy meeting on Wednesday.
The European Central bank will announce its interest rate
decision at 7:45 am ET. The economist expect the bank to retain
interest rates unchanged at 0.05 percent.
Following the announcement, European Central Bank President
Mario Draghi will hold the customary post-meeting press conference.
With inflation staying well below the target and the economic
recovery just taking hold, Draghi, is expected to quash talk of
wrapping up the quantitative easing program early at the press
conference.
Ongoing concerns on Greece have build fears among the traders
about the future of Eurozone economy. Greece has time until April
24 to present a list of reforms which, if found acceptable, would
unlock the final tranche of aid to keep the Greek economy
afloat.
Last Thursday, Greece repaid a 450 million euros loan to the
International Monetary Fund. But, it has more to pay in the coming
months and some of the economists speculate that the country is
unlikely to repay the dues.
The EUR has been trading lower in recent sessions. Since April
6, the Euro had lost 2.55 percent against the pound, 4.43 percent
against the U.S. dollar, 1.69 percent against the Swiss franc and
3.88 percent against the Yen.
In the Asian trading today, the euro fell to 1.3262 against the
Canadian dollar for the first time since May 2013, from yesterday's
closing value of 1.3308. If the euro extends its downtrend, it is
likely to find support around the 1.30 area.
The euro depreciated to 1.0317 against the Swiss franc for the
first time since January 29, from yesterday's closing quote of
1.0329. On the downside, 0.97 is seen as the next support level for
the euro.
The euro dropped to 126.29 against the yen for the first time
since June 2013, from yesterday's closing value of 126.87. The next
downside target for the euro is seen at 124.00 level.
Pulling away from am early high of 0.7212 against the pound, the
euro edged down to nearly a 4-week low of 0.7192. The euro may test
support near the 0.70 region.
Against the U.S. and the New Zealand dollars, the euro edged
down to 1.0541 and 1.4118 from yesterday's closing quotes of 1.0565
and 1.4165, respectively. The euro may test support near 1.04
against the greenback and against the 1.39 Kiwi.
Looking ahead, U.K. consumer prices, producer prices and retail
prices for March and Eurozone industrial production for February
are slated for release in the European session.
In the New York session, U.S. advance retail slaes data and
producer price index - both for March and U.S. business inventories
for February are set to be published.
At 8:00 am ET, U.S. Federal Reserve Bank of Minneapolis
President Narayana Kocherlakota is expected to speak before a
public town hall forum hosted by Winona State University, Winona,
United States.
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