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Forex News: Euro Mixed After ECB Holds Rates, QE Unchanged

Euro Mixed After ECB Holds Rates, QE Unchanged

07/26/2018 - 08:27:00 (RTTNews)

(RTTNews) - The euro showed mixed trading against its major counterparts in the European session on Thursday, after the European Central Bank kept its interest rates steady and maintained the forward guidance on monetary stimulus following the June decision to halve monthly asset purchases after September and eventually end them in December.

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 bank reiterated its guidance for its asset purchases.

In June, the ECB announced that it hopes to halve its monthly bond purchases to EUR 15 billion after September and to end them in December.

The ECB said it intends to reinvest the principal payments from maturing securities purchased under the APP for an extended period of time after the end of the net asset purchases.

ECB President Mario Draghi is set to hold the press conference at 8.30 am ET in Frankfurt.

Survey data from market research group GfK showed that Germany's consumer confidence is set to weaken slightly in August.

The forward-looking consumer sentiment index fell to 10.6 in August from 10.7 in July. The score was forecast to remain unchanged at 10.7.

The currency traded mixed against its major counterparts in the European session. While it held steady against the franc and the pound, it rose against the greenback. Against the yen, it declined.

The euro held steady against the pound, after having fallen to 0.8876 at 5:30 am ET. At yesterday's close, the pair was worth 0.8891.

The single currency that eased to 1.1706 against the greenback at 5:30 am ET moved sideways thereafter. The currency had set a 3-day high of 1.1744 at 9:15 pm ET. The pair was worth 1.1728 at yesterday's close.

The single currency retreated to 129.65 against the Japanese yen before holding steady. The pair was valued at 130.15 when it closed deals on Wednesday.

Data from the Bank of Japan showed that Japan producer prices rose 1.2 percent on year in June, following two months at 1.0 percent.

On a monthly basis, producer prices added 0.2 percent after easing 0.1 percent in May.

Having advanced to a 3-day high of 1.1638 against the franc at 2:15 am ET, the euro eased back to 1.1616. On the downside, 1.15 is likely seen as its next support level.

Looking ahead, U.S. weekly jobless claims for the week ended July 21, durable goods orders and wholesale inventories for June are scheduled for release in the New York session.

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