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Forex News: Euro Retreats As Report Shows QE Plan Likely

Euro Retreats As Report Shows QE Plan Likely To Be Delayed Until Dec.

09/01/2017 - 10:50:00 (RTTNews)

(RTTNews) - The euro retreated against its major rivals in the early New York session on Friday, after a media report showed that the policy makers at the European Central Bank are unlikely to rush on a decision on next year's bond-purchase plan, which indicates the possibility of finalizing a decision until December.

Bloomberg reported that it is unlikely that the policy makers would settle the full details of the QE plan at the October 26 policy meeting and hence a final decision may be made only in December.

The final plan is expected to be delayed until December, when the current program is set to expire.

Reversing from an early 2-day high 1.1980 against the greenback, the euro edged down to 1.1850.

The euro weakened to an 11-day low of 0.9150 against the pound, 3-day lows of 1.1396 against the franc and 130.66 against the yen, from its early highs of 0.9222, 1.1444 and 131.34, respectively.

The next possible support for the euro is seen around 1.17 against the greenback, 129.00 against the yen, 0.90 against the pound and 1.135 against the franc.

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