FOREX TradingCharts.com

Forex News: Euro Mixed After ECB Minutes

Euro Mixed After ECB Minutes

07/11/2019 - 08:51:00 (RTTNews)

(RTTNews) - The euro was trading mixed against its major opponents in the European session on Thursday, after minutes from the European Central Bank's recent monetary policy meeting showed that Governing Council was determined to ease monetary policy further in case of adverse contingencies through restarting asset purchase program and lowering policy rates.

In the light of low inflation, there was broad agreement that it was important for the Governing Council to demonstrate its determination to act by adjusting its monetary policy stance at the current meeting, and to further prepare for adverse contingencies in the period ahead, the minutes from the monetary policy meeting held on June 5 and 6 showed.

"Considering the outlook and risks for the external environment, members highlighted the ongoing weakness in global trade, and concern was expressed about more pervasive and prolonged uncertainties in the external environment and their adverse impact on the global growth outlook for some time to come."

With regard to the weakening of the economic outlook and the muted inflation developments, the extension of the calendar element of the forward guidance on interest rates was widely seen as appropriate, it said.

Consequently, the expected timing of an ECB policy rate "lift-off" had shifted out substantially, with some market-perceived chance of rate cuts, it added.

Final data from Destatis showed that Germany's consumer price inflation accelerated as initially estimated in June.

Consumer prices advanced 1.6 percent year-on-year in June, faster than the 1.4 percent increase in May.

The currency showed mixed trading against its major counterparts in the Asian session. While it dropped versus the yen and the franc, it was steady against the pound. Against the greenback, it rose.

The euro bounced off to 121.95 against the yen and held steady thereafter. This follows an early 3-day low of 121.62 hit at 11:00 pm ET. The euro-yen pair was valued at 122.02 when it ended deals on Thursday.

Data from the Ministry of Economy, Trade and Industry showed that Japan's tertiary activity declined in May after rebounding in the previous month.

The tertiary activity index fell 0.2 percent month-on-month in May, reversing a 0.8 percent rise in April. Economists had expected a 0.1 fall.

After rising to a 6-day high of 1.1281 against the greenback at 11:15 pm ET, the euro eased slightly around 6:00 am ET and moved sideways since then. At yesterday's close, the pair was worth 1.1251.

The euro slipped to a 2-day low of 0.8969 against the pound from yesterday's closing value of 0.8995. The euro is seen finding support around the 0.88 region.

Data from the Royal Institution of Chartered Surveyors showed that UK house price balance improved unexpectedly in June as buyers for property increased for the first time since late 2006.

The house price balance rose to -1 percent in June from -9 percent in the previous month. The score was forecast to fall to -12 percent.

The euro that closed Wednesday's trading at 1.1131 against the franc depreciated to near a 2-week low of 1.1105. On the downside, 1.09 is possibly seen as the next support level for the euro.

Looking ahead, U.S. monthly budget statement for June is due in the New York session.

Federal Reserve Chairman Jerome Powell will testify on the Semiannual Monetary Policy Report before the Senate Banking Committee in Washington DC at 10:00 am ET.

At 1:30 pm ET, Federal Reserve Governor Randal Quarles will deliver a speech about financial regulation and monetary policy at an event hosted by the Bipartisan Policy Center in Washington DC.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2019 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Pound Little Changed After UK Public Sector Finance Data (52 min(s), 58 sec(s) ago)
(RTTNews) - Following the release of UK public sector finance data for June at 4.30 am ET Friday, ...Full Story»

Pound Mixed Ahead Of UK Public Sector Finance Data (58 min(s), 58 sec(s) ago)
(RTTNews) - At 4.30 am ET Friday, the Office for National Statistics publishes UK public sector fi ...Full Story»

Yen Declines On Fed Rate Cut Hopes (02 hr(s), 07 min(s), 58 sec(s) ago)
(RTTNews) - The Japanese yen slipped against its major counterparts in the Asian session on Friday ...Full Story»

Euro Little Changed After German PPI (03 hr(s), 22 min(s), 58 sec(s) ago)
(RTTNews) - After the release of German producer prices for June at 2.00 am ET Friday, the euro ch ...Full Story»

Euro Mixed Ahead Of German PPI (03 hr(s), 28 min(s), 58 sec(s) ago)
(RTTNews) - At 2.00 am ET Friday, Destatis is scheduled to issue Germany's producer prices for ...Full Story»

Euro Drops On Rumors Of ECB Revising Inflation Goal (16 min(s), 02 sec(s) ago)
(RTTNews) - The euro weakened against its major counterparts in the European session on Thursday, ...Full Story»

Pound Higher After Solid U.K. Retail Sales, Barnier's Comments (19 min(s), 03 sec(s) ago)
(RTTNews) - The pound spiked higher against its major counterparts in the early European session o ...Full Story»

Pound Rises Further After U.K. Retail Sales (52 min(s), 58 sec(s) ago)
(RTTNews) - After the release of UK retail sales for June at 4.30 am ET Thursday, the pound rose f ...Full Story»

Search

FOREX NEWS

Pound Little Changed After UK Public Sector Finance Data

07/19/2019 - 04:35 AM (RTTNews)
(RTTNews) - Following the release of UK public sector finance data for June at 4.30 am ET Friday, ...Full Story>>

Pound Mixed Ahead Of UK Public Sector Finance Data

07/19/2019 - 04:28 AM (RTTNews)
(RTTNews) - At 4.30 am ET Friday, the Office for National Statistics publishes UK public sector fi ...Full Story>>

Yen Declines On Fed Rate Cut Hopes

07/19/2019 - 03:19 AM (RTTNews)
(RTTNews) - The Japanese yen slipped against its major counterparts in the Asian session on Friday ...Full Story>>

Euro Little Changed After German PPI

07/19/2019 - 02:04 AM (RTTNews)
(RTTNews) - After the release of German producer prices for June at 2.00 am ET Friday, the euro ch ...Full Story>>

Euro Mixed Ahead Of German PPI

07/19/2019 - 01:58 AM (RTTNews)
(RTTNews) - At 2.00 am ET Friday, Destatis is scheduled to issue Germany's producer prices for ...Full Story>>
Copyright © 2019. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.