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Forex News: Dollar Surges Against Euro After ECB Announcement

Dollar Surges Against Euro After ECB Announcement

10/26/2017 - 15:28:00 (RTTNews)

(RTTNews) - The dollar is up against all of its major rivals Thursday afternoon, especially against the Euro. The buck has surged to over a 2-month high against the currency following today's announcement from the European Central Bank.

The ECB announced that it will reduce the size of its asset purchases at the start of next year, while extended them for nine months, the "lower for longer" style of tapering that economists had expected a dovish Mario Draghi to deliver.

Monthly asset purchases under the asset purchase programme, or APP, will continue at the current monthly pace of EUR 60 billion until the end of December 2017, the bank said in its statement.

From January 2018, the net asset purchases will be reduced to a monthly pace of EUR 30 billion, which will continue until the end of September 2018, or beyond, if necessary, and in any case until the Governing Council sees a sustained adjustment in the path of inflation consistent with its inflation aim, the bank added.

The bank also kept all three of its interest rates unchanged for a thirteenth consecutive policy session.

The dollar has surged to over a 2-month high of $1.1665 against the Euro Thursday afternoon, from an early low of $1.1836.

Eurozone broad money supply rose at a faster pace and private sector credit logged a stable growth in September, data from the European Central Bank showed Thursday. The broad monetary aggregate M3 climbed 5.1 percent year-on-year, slightly faster than the 5 percent increase seen in August. M3 was forecast to grow again by 5 percent in September.

German consumer confidence is set to fall in November, survey data from market research group GfK showed Thursday. The forward-looking consumer sentiment index fell unexpectedly to 10.7 in November from 10.8 in October. The score was forecast to remain unchanged at 10.8.

The buck has climbed to around $1.3165 against the pound sterling this afternoon, from a low of $1.3279 this morning.

British retailers reported a sharp contraction in sales, disappointing expectations for a solid expansion, the Distributive Trades Survey from the Confederation of British Industry showed Thursday. A net balance of -36 percent said sales declined in October from a year ago, the biggest since March 2009.

The greenback has risen to around Y113.950 against the Japanese Yen Thursday afternoon, from a low of Y113.335 this morning.

Producer prices in Japan were up 0.9 percent on year in September, the Bank of Japan said on Thursday. That exceeded expectations for 0.8 percent, which would have been unchanged from the August reading.

After reporting first-time claims for U.S. unemployment benefits at their lowest level in over forty years in the previous week, the Labor Department released a report on Thursday showing a modest rebound in initial jobless claims in the week ended October 21st.

The report said initial jobless claims rose to 233,000, an increase of 10,000 from the previous week's revised level of 223,000. Economists had expected jobless claims to edge up to 235,000 from the 222,000 originally reported for the previous week.

Pending home sales in the U.S. were unexpectedly flat in the month of September, according to a report released by the National Association of Realtors on Thursday. NAR said its pending home sales index came in at 106.0 in September, unchanged from a downwardly revised reading for August. Economists had expected pending home sales to rise by 0.2 percent.

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