FOREX TradingCharts.com

Forex News: Euro Higher After ECB Minutes

Euro Higher After ECB Minutes

02/18/2021 - 10:07:00 (RTTNews)

(RTTNews) - The euro was higher against its major counterparts in the European session on Thursday, after the European Central Bank's minutes from the latest meeting showed that the Governing Council is prepared to adjust all of its instruments, including the deposit facility rate, to ensure that inflation moved toward its target in a sustained manner.

Members broadly agreed that there was no room for complacency and that the Governing Council had to continue to stand ready and use all of its instruments, if required, to ensure a robust convergence of inflation towards its goal, the minutes from the bank's January 20-21 meeting showed.

Regarding the latest exchange rate developments, policymakers acknowledged that the recent persistent trend appreciation of the euro had reversed since the start of 2021.

Although members noted that the nominal effective exchange rate was at a historically high level and had a negative impact on inflation, they also observed that the impact of exchange rate movements on inflation might be overestimated in standard models.

The risks surrounding the euro area growth outlook remained tilted to the downside, with the ongoing pandemic and its implications on economic and financial conditions acting as sources of downside risk, the minutes showed.

ECB policymakers emphasized that the recalibration of instruments decided on in December remained appropriate and well-balanced, whereas all instruments needed to remain on the table, with due consideration of benefits and possible unintended side effects, it added.

The euro showed mixed trading against its major opponents in the Asian session. While it rose against the franc, it held steady against the greenback and the pound. Versus the yen, it fell.

The euro hovered at a 9-day high of 1.0831 against the franc. At Wednesday's close, the pair was worth 1.0812. The euro is seen locating resistance around the 1.10 mark.

Data from the Federal Customs Administration showed that Switzerland's exports grew in January after falling in the previous month.

Exports gained by a real 5.7 percent month-on-month in January, while imports rose 1.4 percent.

The euro approached 1.2090 against the greenback, up from Wednesday's closing value of 1.2034. The euro may test resistance around the 1.22 region, if it gains again.

The European currency reached as high as 127.73 against the yen, following a low of 127.33 seen in the Asian session. The pair had closed Wednesday's deals at 127.37. Should the euro strengthens further, 128.5 is found as its resistance level.

The euro edged higher to 1.5549 against the aussie and 1.5336 against the loonie, off its early more than a 2-year low of 1.5506 and a new 4-week low of 1.5280, respectively. The euro was valued at 1.5288 against the loonie and 1.5518 against the aussie at yesterday's close. The next likely resistance for the euro is seen around 1.58 against the aussie and 1.55 against the loonie.

The single currency turned higher against the kiwi, with the pair trading at 1.6782. This followed a 2-day low of 1.6727 hit at 5:00 pm ET. At yesterday's trading close, the pair was quoted at 1.6743. The euro is poised to challenge resistance around the 1.72 mark.

In contrast, the euro dropped to 0.8659 against the pound, its lowest level in a year. The euro-pound pair had ended yesterday's trading session at 0.8678. The euro is likely to target support around the 0.84 mark.

Eurozone flash consumer sentiment index for February is set for release at 10:00 am ET.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Franc Little Changed After Swiss CPI (41 min(s), 30 sec(s) ago)
(RTTNews) - At 2.30 am ET Wednesday, the Federal Statistical Office has published Swiss consumer p ...Full Story»

Franc Mixed Ahead Of Swiss CPI (47 min(s), 30 sec(s) ago)
(RTTNews) - At 2.30 am ET Wednesday, the Federal Statistical Office releases Swiss consumer prices ...Full Story»

Indian Rupee Rises To 5-day High Against U.S. Dollar (02 hr(s), 17 min(s), 29 sec(s) ago)
(RTTNews) - The Indian rupee climbed against the U.S. dollar in morning deals on Wednesday, as reg ...Full Story»

U.S. Dollar Appreciates Amid Worsening Sentiment (06 min(s), 30 sec(s) ago)
(RTTNews) - The U.S. dollar appreciated against its major counterparts in the European session on ...Full Story»

Euro Little Changed After Eurozone CPI (48 min(s), 31 sec(s) ago)
(RTTNews) - At 5.00 am ET Tuesday, Eurostat has published euro area flash consumer price figures. ...Full Story»

Euro Mixed Ahead Of Eurozone CPI (42 min(s), 30 sec(s) ago)
(RTTNews) - At 5.00 am ET Tuesday, Eurostat publishes euro area flash consumer price figures. Econ ...Full Story»

NZ Dollar Falls Amid China's Warning About Bubbles In Markets (01 hr(s), 02 min(s), 30 sec(s) ago)
(RTTNews) - The NZ dollar depreciated against its major counterparts in the Asian session on Tuesd ...Full Story»

Aussie Slightly Up After RBA Decision (24 min(s), 30 sec(s) ago)
(RTTNews) - The Reserve Bank of Australia retained its benchmark lending rate at 0.10 percent and ...Full Story»

Search

FOREX NEWS

Franc Little Changed After Swiss CPI

03/03/2021 - 02:35 AM (RTTNews)
(RTTNews) - At 2.30 am ET Wednesday, the Federal Statistical Office has published Swiss consumer p ...Full Story>>

Franc Mixed Ahead Of Swiss CPI

03/03/2021 - 02:28 AM (RTTNews)
(RTTNews) - At 2.30 am ET Wednesday, the Federal Statistical Office releases Swiss consumer prices ...Full Story>>

Indian Rupee Rises To 5-day High Against U.S. Dollar

03/03/2021 - 00:57 AM (RTTNews)
(RTTNews) - The Indian rupee climbed against the U.S. dollar in morning deals on Wednesday, as reg ...Full Story>>

U.S. Dollar Appreciates Amid Worsening Sentiment

03/02/2021 - 07:21 AM (RTTNews)
(RTTNews) - The U.S. dollar appreciated against its major counterparts in the European session on ...Full Story>>

Euro Little Changed After Eurozone CPI

03/02/2021 - 05:03 AM (RTTNews)
(RTTNews) - At 5.00 am ET Tuesday, Eurostat has published euro area flash consumer price figures. ...Full Story>>

Do not sell my personal information

Copyright © 2021. 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.