FOREX TradingCharts.com

Forex News: Euro Extends Slide After ECB Draghi Reiterates Low

Euro Extends Slide After ECB Draghi Reiterates Low Rates

06/14/2018 - 11:12:00 (RTTNews)

(RTTNews) - The euro continued to be lower against its key counterparts in the New York session on Thursday, after the European Central Bank President Mario Draghi acknowledged that the interest rates are likely to remain unchanged through summer 2019 amid rising economic uncertainty.

The Governing Council expect the interest rates to remain unchanged at least through the summer of 2019 and in any case for as long as necessary to ensure that the evolution of inflation remains aligned with the expectations of a sustained adjustment path, Draghi said at press conference.

Although the risks related to the euro area growth outlook remain broadly balanced, uncertainties related to global factors, including the threat of increased protectionism, have become more prominent, he cautioned.

"Moreover, the risk of persistent heightened financial market volatility warrants monitoring."

The euro area growth for 2018 has been downgraded to 2.1 percent from 2.4 percent. The GDP outlook for 2019 and 2010 were kept unchanged at 1.9 percent and 1.7 percent.

Earlier on Thursday, the bank announced that it hopes to halve its monthly bond purchases to EUR 15 billion after September and to end them in December.

The Governing Council, which held the latest policy session the Latvian capital Riga, left the key interest rates unchanged. The bank said interest rates will remain at their present level at least through the summer of 2019 and beyond, if necessary.

The euro depreciated to a 9-day low of 0.8732 against the pound, following an advance to 0.8821 at 7:45 pm ET. The next likely support for the euro is seen around the 0.86 level.

Figures from the Office for National Statistics showed that UK retail sales growth accelerated more than expected in May.

Retail sales volume including auto fuel, grew 1.3 percent month-on-month, following April's 1.8 percent increase. This was the second consecutive rise in sales and much bigger than the expected 0.5 percent.

The 19-nation currency fell to near a 2-week low of 1.1619 against the greenback, reversing from an early new 4-week peak of 1.1852. The euro is seen finding support around the 1.15 region.

The single currency slipped to a 6-day low of 128.32 against the yen, pulling away from an early new 3-week high of 130.36. On the downside, 127.00 is possibly seen as the next support level for the euro.

Final data from the Ministry of Economy, Trade and Industry showed that Japan's industrial production increased more than initially estimated in April.

Industrial production climbed 0.5 percent month-over-month in April, faster than the 0.3 percent estimated earlier. It was the third successive monthly rise.

The euro weakened to a 6-day low of 1.1558 against the franc, after rising to a 3-day high of 1.1648 at 7:45 am ET. If the euro falls further, 1.13 is likely seen as its next support level.

The euro reversed from its recent weekly high of 1.5358 against the loonie, falling to a 9-day low of 1.5119. The euro is poised to challenge support around the 1.50 level.

Following more than a 2-week high of 1.6841 hit at 7:45 am ET, the euro fell to more than a 5-month low of 1.6570 against the kiwi. Continuation of the euro's downtrend may see it challenging support around the 1.64 level.

The euro fell to a weekly low of 1.5427 against the aussie, down from near a 4-week high of 1.5693 seen at 7:45 am ET. Next key support for the euro is likely seen around the 1.53 level.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2018 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


U.S. Dollar Falls On Rising Trade Worries (02 hr(s), 49 min(s), 41 sec(s) ago)
(RTTNews) - The U.S. dollar declined against its major counterparts in the European session on Mon ...Full Story»

Euro Little Changed After German Ifo Business Sentiment Index (05 hr(s), 49 min(s), 41 sec(s) ago)
(RTTNews) - At 4.00 am ET Monday, Germany's Ifo business sentiment survey results have been re ...Full Story»

Euro Falls Vs Most Majors Ahead Of German Ifo Survey (05 hr(s), 55 min(s), 41 sec(s) ago)
(RTTNews) - At 4.00 am ET Monday, Germany's Ifo business sentiment survey results are due. The ...Full Story»

Yen Advances Amid Rising Risk Aversion On Trade Worries (06 hr(s), 34 min(s), 41 sec(s) ago)
(RTTNews) - The Japanese yen strengthened against its major counterparts in the Asian session on M ...Full Story»

Yen Climbs Against Majors (07 hr(s), 28 min(s), 41 sec(s) ago)
(RTTNews) - The Japanese yen strengthened against its major counterparts in the Asian session on M ...Full Story»

Dollar Losing Ground As Week Draws To A Close (25 min(s), 19 sec(s) ago)
(RTTNews) - The dollar is losing ground against all of its major rivals Friday afternoon. The lack ...Full Story»

Loonie Slides As Canada Inflation Holds Steady, Retail Sales Drop Unexpectedly (04 min(s), 19 sec(s) ago)
(RTTNews) - The Canadian dollar weakened against its major counterparts in the European session on ...Full Story»

Loonie Falls After Canada Retail Sales, CPI (01 hr(s), 16 min(s), 41 sec(s) ago)
(RTTNews) - At 8:30 am ET Friday, Canada retail sales for April and consumer price index for May h ...Full Story»

Search

FOREX NEWS

U.S. Dollar Falls On Rising Trade Worries

06/25/2018 - 07:00 AM (RTTNews)
(RTTNews) - The U.S. dollar declined against its major counterparts in the European session on Mon ...Full Story>>

Euro Little Changed After German Ifo Business Sentiment Index

06/25/2018 - 04:02 AM (RTTNews)
(RTTNews) - At 4.00 am ET Monday, Germany's Ifo business sentiment survey results have been re ...Full Story>>

Euro Falls Vs Most Majors Ahead Of German Ifo Survey

06/25/2018 - 03:57 AM (RTTNews)
(RTTNews) - At 4.00 am ET Monday, Germany's Ifo business sentiment survey results are due. The ...Full Story>>

Yen Advances Amid Rising Risk Aversion On Trade Worries

06/25/2018 - 03:17 AM (RTTNews)
(RTTNews) - The Japanese yen strengthened against its major counterparts in the Asian session on M ...Full Story>>

Yen Climbs Against Majors

06/25/2018 - 02:21 AM (RTTNews)
(RTTNews) - The Japanese yen strengthened against its major counterparts in the Asian session on M ...Full Story>>

Binary Options Articles Courtesy of NADEX

These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.