FOREX TradingCharts.com

Forex News: Euro Recovers After ECB QE Tapering Report

Euro Recovers After ECB QE Tapering Report

07/13/2017 - 10:49:00 (RTTNews)

(RTTNews) - The euro trimmed its early losses against its most major counterparts in the European session on Thursday, following a media report that the European Central Bank may hint at its September meeting that it plans to gradually wind down the QE next year.

The ECB President Mario Draghi is set to take the opportunity to signal a policy shift at the Federal Reserve's Jackson Hole conference in August, the Wall Street Journal reported.

Draghi is likely to signal at its September 7 policy meeting that the QE program would be gradually wound down next year, the report said citing ECB officials.

The most likely scenario is to trim QE by EUR 10 billion a month, starting from January 2018, it showed.

The euro dropped early in the session, after the Governing Council member Ilmars Rimsevics indicated that the ECB would stick on with its QE program for few more years.

As the ECB is unlikely to meet the medium-term inflation target of 2 percent, it is possible for it to continue the QE program for at least couple of years, he told.

Latest figures from Destatis showed that Germany's consumer price inflation increased as initially estimated in June.

The consumer price index rose at a slightly faster pace of 1.6 percent year-over-year in June, following a 1.5 percent climb in May. That was in line with the flash data published on June 26.

The euro showed mixed performance in the Asian session. While the euro held steady against the pound and the franc, it rose against the greenback and the yen.

The euro bounced off to 1.1419 against the greenback, from an early weekly low of 1.1371.The euro is likely to locate resistance around the 1.16 region.

Reversing from an early weekly low of 128.49 against the yen, the euro recovered to 129.42. Next key resistance for the euro may be found around the 131.00 mark.

The euro edged up to 1.1027 against the Swiss franc, off its early 3-day low of 1.0984. If the euro extends rise, 1.12 is possibly seen as its next resistance level.

The euro staged a mild recovery against the pound with the pair trading at 0.8819. This may be compared to a 6-day low of 0.8802 hit at 7:00 am ET.

In its quarterly economic survey, the British Chambers of Commerce said that the U.K. economy grew at a subdued rate in the second quarter of 2017

The balance of firms reporting increasing domestic sales in the manufacturing sector held steady at +20, while the balance reporting export sales rose marginally to +27 from +26.

The euro recovered to 1.4580 against the loonie, 1.5596 against the kiwi and 1.4784 against the aussie, from its early low of 1.4483, more than 2-week lows of 1.5455 and 1.4707, respectively. The next possible resistance levels for the euro are seen around against the loonie, against the kiwi and against the aussie.

Looking ahead, at 11:30 am ET, Federal Reserve Bank of Chicago President Charles Evans is expected to speak about the economy and monetary policy at the Annual Rocky Mountain Economic Summit in Idaho, U.S.

At 1:00 pm ET, Federal Reserve Governor Lael Brainard is scheduled to speak about monetary policy at the National Bureau of Economic Research, in Massachusetts.

At 2:00 pm ET, U.S. Federal monthly budget statement is slated to publish.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2017 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Dollar Little Changed Ahead Of Fed Announcement (02 hr(s), 13 min(s), 11 sec(s) ago)
(RTTNews) - The dollar is turning in a mixed performance Tuesday afternoon, but is little changed ...Full Story»

Euro Rises On Upbeat German IFO Business Confidence Data (10 hr(s), 25 min(s), 11 sec(s) ago)
(RTTNews) - The euro strengthened against other major currencies in the European session on Tuesda ...Full Story»

Euro Little Changed After German Ifo Business Confidence Index (12 hr(s), 31 min(s), 11 sec(s) ago)
(RTTNews) - At 4:00 am ET Tuesday, Germany's Ifo business confidence index for July was releas ...Full Story»

Euro Mixed Ahead Of German Ifo Business Confidence Index (12 hr(s), 37 min(s), 10 sec(s) ago)
(RTTNews) - At 4:00 am ET Tuesday, Germany's Ifo business confidence index for July is due. Th ...Full Story»

Antipodean Currencies Rises As Crude Oil Prices Advance (13 hr(s), 01 min(s), 11 sec(s) ago)
(RTTNews) - Antipodean currencies such as the Australian and the New Zealand dollar strengthened a ...Full Story»

NZ Dollar Advances Most Majors (13 hr(s), 46 min(s), 11 sec(s) ago)
(RTTNews) - The New Zealand dollar strengthened against most major currencies in the Asian session ...Full Story»

Australian Dollar Rises Against Majors (13 hr(s), 55 min(s), 11 sec(s) ago)
(RTTNews) - The Australian dollar strengthened against other major currencies in the Asian session ...Full Story»

U.S. Dollar Falls Against Majors (14 hr(s), 10 min(s), 11 sec(s) ago)
(RTTNews) - The U.S. dollar weakened against other major currencies in the Asian session on Tuesda ...Full Story»

Search

FOREX NEWS

Dollar Little Changed Ahead Of Fed Announcement

07/25/2017 - 14:19 PM (RTTNews)
(RTTNews) - The dollar is turning in a mixed performance Tuesday afternoon, but is little changed ...Full Story>>

Euro Rises On Upbeat German IFO Business Confidence Data

07/25/2017 - 06:07 AM (RTTNews)
(RTTNews) - The euro strengthened against other major currencies in the European session on Tuesda ...Full Story>>

Euro Little Changed After German Ifo Business Confidence Index

07/25/2017 - 04:01 AM (RTTNews)
(RTTNews) - At 4:00 am ET Tuesday, Germany's Ifo business confidence index for July was releas ...Full Story>>

Euro Mixed Ahead Of German Ifo Business Confidence Index

07/25/2017 - 03:55 AM (RTTNews)
(RTTNews) - At 4:00 am ET Tuesday, Germany's Ifo business confidence index for July is due. Th ...Full Story>>

Antipodean Currencies Rises As Crude Oil Prices Advance

07/25/2017 - 03:30 AM (RTTNews)
(RTTNews) - Antipodean currencies such as the Australian and the New Zealand dollar strengthened a ...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.