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Forex News: Euro Mixed After ECB Decision

Euro Mixed After ECB Decision

01/25/2018 - 08:23:00 (RTTNews)

(RTTNews) - The euro came in mixed against its major counterparts in the European session on Thursday, after the European Central Bank left its key interest rates and asset purchases unchanged and reiterated that the rates will remain at their present levels well past the life of the stimulus.

The Governing Council, led by ECB President Mario Draghi, left the key interest rates unchanged after the conclusion of the first policy-session for this year, in Frankfurt.

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.

"The Governing Council expects the key ECB interest rates to remain at their present levels for an extended period of time, and well past the horizon of the net asset purchases," the ECB reiterated.

The bank confirmed that the net asset purchases, at the new monthly pace of EUR 30 billion, are intended to run 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 ECB President Mario Draghi holds a customary press conference in Frankfurt at 8:30 am ET, which is likely to provide more clues about changes to the forward guidance that may be updated early in the year.

Survey data from Ifo institute showed that Germany's business confidence improved in January.

The business confidence index rose to 117.6 in January from 117.2 in December. The expected score was 117.0.

The currency showed mixed performance in the Asian session. While it rose against the greenback and the yen, it dropped against the franc and the pound.

Extending slide, the euro dropped to near a 4-week low of 1.1673 against the Swiss franc. The pair closed Wednesday's deals at 1.1723. On the downside, 1.14 is likely seen as the next support for the euro.

The euro retreated from an early 3-year peak of 1.2459 against the greenback and moved sideways during the session. The euro-greenback pair was valued at 1.2407 when it closed deals on Wednesday.

Following a 2-day high of 135.71 hit at 7:45 pm ET, the euro edged down to 135.04 against the yen. The euro is seen finding support around the 133.00 mark.

Preliminary data from the Chain Store Association showed that Japan's supermarket sales recovered in December.

Supermarket sales, after store adjustment, climbed 0.9 percent year-on-year in December, after falling 0.6 percent in November.

The euro dropped to near an 8-month low of 0.8687 against the pound and held steady thereafter. At Wednesday's close, the pair was worth 0.8710.

Data from UK Finance showed that UK mortgage approvals fell to the lowest level in more than three years in December.

The number of mortgages approved in December totaled 36,115 compared to 39,007 in November. This was the lowest since April 2013, when approvals totaled 33,986.

Looking ahead, Canada retail sales for November, U.S. weekly jobless claims for the week ended January 20, wholesale inventories and new home sales for December are set for release in the New York session.

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