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Forex News: Euro Mixed After ECB Announcement

Euro Mixed After ECB Announcement

03/12/2020 - 09:49:00 (RTTNews)

(RTTNews) - The euro showed mixed trading against its major counterparts in the European session on Thursday, after the European Central Bank kept key rates unchanged and boosted asset purchase program to counter the economic impact of the coronavirus.

The Governing Council left the key interest rates unchanged after the policy session in Frankfurt.

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 at 0.25 percent.

The bank expanded quantitative easing program by 120 billion euros until the end of the year.

The ECB will conduct additional longer-term refinancing operations temporarily to provide immediate liquidity support to the euro area financial system.

In TLTRO III, the bank will apply more favourable terms during the period from June 2020 to June 2021 to support bank lending to those affected most by the spread of the coronavirus, in particular small and medium-sized enterprises.

Data from Eurostat showed that Eurozone industrial production expanded for the first time in five months in January.

Industrial output grew at a faster-than-expected pace of 2.3 percent on a monthly basis and in contrast to a revised 1.8 percent drop in December.

The currency showed mixed trading against its major counterparts in the Asian session. While it rose against the greenback and the pound, it fell against the yen and the franc.

The euro rebounded to 1.0577 against the franc, from a 3-day low of 1.0545 seen at 7:15 am ET. The euro is seen finding resistance around the 1.09 mark.

The euro firmed to a 5-month high of 0.8899 against the pound, from yesterday's closing value of 0.8785. Next key resistance for the euro is likely seen around the 0.90 level.

Survey data from the Royal Institution of Chartered Surveyors showed that UK house price inflation gathered momentum in February as prices increased across all parts of the country.

The house price balance rose sharply to 29 percent in February from 18 percent in January. This was also above economists' forecast of 20 percent.

The euro dropped to a weekly low of 1.1198 against the greenback, from Wednesday's closing value of 1.1269. Should the euro falls further, it is likely to test support around the 1.105 region.

The euro remained lower against the yen, at 116.92. The EUR/JPY pair has set a 3-day low of 116.31 at 7:30 am ET. The euro is poised to challenge support around the 114.00 mark.

Data from the Bank of Japan showed that Japan producer prices fell 0.4 percent on month in February.

That was shy of expectations for a decline of 0.3 percent following the 0.2 percent increase in January.

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