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Forex News: Euro Mixed After ECB Minutes

Euro Mixed After ECB Minutes

10/08/2020 - 09:42:00 (RTTNews)

(RTTNews) - The euro came in mixed against its key counterparts in the European session on Thursday, after minutes from the European Central Bank's recent meeting showed that policymakers agreed that a further appreciation of the euro constituted a risk to both growth and inflation.

Members assessed that the recent volatility in the exchange rate of the euro required careful monitoring with regard to its possible implications for the medium-term outlook for price stability, the minutes from September 9 and 10 meeting showed.

"There were key downside risks to the medium-term outlook for price stability, mainly related to the as yet uncertain economic and financial implications of the pandemic," the minutes said.

The Governing Council reiterated its readiness to adjust all of its instruments, as appropriate, to ensure that inflation moved towards its goal in a sustained manner.

"While the PEPP was currently seen as the primary instrument for providing additional monetary policy accommodation, it was noted that further cuts in policy rates and changes to the conditions of the TLTROs were also part of the toolkit for providing additional monetary policy accommodation, if necessary," the minutes added.

Data from Destatis showed that Germany's exports growth slowed in August, while growth in imports gained momentum.

Exports were up 2.4 percent in August from July, whereas imports accelerated to 5.8 percent from 1.1 percent.

The euro advanced in the Asian session, as risk sentiment improved on hopes of a partial U.S. fiscal stimulus aimed to help the airline industry and small businesses.

The euro climbed to a 1-week high of 1.0801 against the franc from Wednesday's closing value of 1.0786. The euro may test resistance around the 1.11 level.

Data from the State Secretariat for Economic Affairs showed that Switzerland's jobless rate dropped marginally in September.

The jobless rate fell to a seasonally adjusted 3.3 percent in September from 3.4 percent in August. Economists had expected a rate of 3.4 percent.

The euro rebounded to 0.9123 against the pound, from its prior 2-day low of 0.9070, and held steady afterwards. The euro-pound pair had finished yesterday's trading session at 0.9105. The euro is seen finding resistance around the 0.94 level.

The euro pulled back from its previous 2-day high of 1.1782 against the greenback and was trading at 1.1752. The pair had closed Wednesday's deals at 1.1760. On the downside, 1.16 is possibly seen as the next support level for the euro.

After gaining to 124.88 at 2:00 am ET, the euro turned lower against the yen and was steady in subsequent deals. The pair was trading at 124.58, near where it ended deals on Wednesday.

Data from the Ministry of Finance showed that Japan posted a current account surplus of 2,102.8 billion yen in August, down 1.5 percent on year.

That exceeded expectations for a surplus of 1,983.7 billion yen following the 1,468.3 billion yen surplus in July.

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