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Forex News: Euro Mixed After ECB Holds Rate Unchanged

Euro Mixed After ECB Holds Rate Unchanged

01/23/2020 - 08:30:00 (RTTNews)

(RTTNews) - The euro showed mixed trading against its major rivals in the European session on Thursday, after the European Central Bank held its key interest rates, asset purchases and forward guidance unchanged and announced the launch of a review of its monetary policy strategy.

The Governing Council, led by ECB President Christine Lagarde, decided to keep the refi rate unchanged at a record low 0 percent, the deposit rate at -0.50 percent and the marginal lending rate at 0.25 percent. The move was in line with economists' expectations.

The bank also retained its forward guidance on both interest rates and asset purchases.

Lagarde will give the details of the scope and timetable of the strategy review when she holds the post-decision press conference at 8.30 am ET.

The euro exhibited mixed performance against its major counterparts in the Asian session. While it held steady against the pound and the franc, it fell against the yen and the greenback.

The euro was trading higher at 1.1089 against the greenback, not far from a 2-day high of 1.1100 seen at 7:30 pm ET. The euro is seen finding resistance around the 1.12 mark.

The euro bounced off to 121.62 against the yen, from a 2-week low of 121.34 set at 1:30 am ET. Next key resistance for the euro is likely seen around the 124.00 level.

Data from the Ministry of Economy, Trade and Industry showed that Japan's all industry activity rose in November after falling in the previous month.

The all industry activity index rose 0.9 percent month-on-month in November, after a 4.8 percent fall in October. In September, industry activity increased 1.9 percent. Economists had expected a 0.4 percent rise for November.

The euro fell back to 1.0734 against the franc, heading towards a 3-day low of 1.0730 it recorded at 3:45 am ET. The euro is poised to challenge support around the 1.06 mark.

The euro reached as high as 0.8455 against the pound and held steady thereafter. At yesterday's close, the pair was valued at 0.8441.

Looking ahead, U.S. weekly jobless claims for the week ended January 18 and leading index for December are scheduled for release in the New York session.

At 10:00 am ET, Eurozone consumer sentiment for January will be featured.

For comments and feedback: contact editorial@rttnews.com

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