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Forex News: Euro Advances Ahead Of ECB Decision

Euro Advances Ahead Of ECB Decision

10/26/2017 - 05:22:00 (RTTNews)

(RTTNews) - The euro firmed against its most major opponents in early European deals on Thursday, as investors focused on the European Central Bank's policy announcement later in the day for further details on the reduction of asset purchases that ends this year.

Market participants await how much the bank will reduce the asset purchases and how long will it take to wind down the entire stimulus that is now running at EUR 60 billion buys a month till the end of the year.

Economists widely expect the bank to trim its bond purchases to 30 billion euros per month from January next year and extend till September 2018.

The rate decision announcement is due at 7.45 am ET, followed by a press conference with ECB President Draghi in Frankfurt at 8.30 am ET.

The main refi rate is currently at a record low zero percent and the deposit rate at -0.40 percent. The marginal lending facility rate is 0.25 percent.

Survey data from market research group GfK showed that German consumer confidence is set to fall in November.

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 currency has been trading in a positive territory in the Asian session, with the exception of the yen.

The euro strengthened to a 4-1/2-month high of 1.5146 against the loonie, while approaching 1.5393 against the aussie, a level unseen since June 2016. On the upside, 1.53 and 1.56 are likely seen as the next resistance levels for the euro against the loonie and the aussie, respectively.

The euro that closed Wednesday's trading at 1.7151 against the kiwi climbed to 1.7211. The next possible resistance for the euro is seen around the 1.75 area.

Data from Statistics New Zealand showed that New Zealand posted a merchandise trade deficit of NZ$1.143 billion in September.

That missed expectations for a shortfall of NZ$900 million following the NZ$1.179 billion deficit in August.

The single currency edged up to 1.1701 against the franc and 0.8941 against the pound, from Wednesday's closing values of 1.1690 and 0.8907, respectively. Further uptrend may take the euro to resistance levels of around 1.19 against the franc and 0.905 against the pound.

The 19-nation currency firmed to 134.49 against the yen, its strongest since November 2015. The euro is seen finding resistance around the 136.00 mark.

Data from the Bank of Japan showed that Japan's producer prices rose 0.9 percent on year in September.

That exceeded expectations for 0.8 percent, which would have been unchanged from the August reading.

The common currency gave up some of its early gains against the greenback with the pair trading at 1.1813. This may be compared to a 6-day high of 1.1837 hit at 1:15 am ET. If the euro extends decline, 1.17 is possibly seen as its next support level.

Looking ahead, U.S. weekly jobless claims for the week ended October 21, pending home sales, wholesale inventories and advance trade goods balance for September are set for release in the New York session.

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