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Forex News: Euro Mixed After ECB Minutes

Euro Mixed After ECB Minutes

11/21/2019 - 09:35:00 (RTTNews)

(RTTNews) - The euro showed mixed trading against its major counterparts in the European session on Thursday, following the release of the European Central Bank's minutes showing broad agreement among members to keep the monetary policy stance unchanged at the October meeting.

Members broadly agreed that more information would be needed to reassess the inflation outlook and the impact of the monetary policy measures taken by the Governing Council at the September meeting, the minutes of October 23-24 Governing Council meeting showed.

Members expressed confidence that the comprehensive package of policy measures announced at the September meeting provided substantial monetary stimulus, aiding a further easing in borrowing conditions for firms and households.

These measures would support the euro area expansion and the ongoing build-up of domestic price pressures, thereby achieving its inflation aim.

Members widely supported a "wait and see" stance as they sought patience to allow the measures taken in September to work through the economy.

The currency held steady against its major counterparts in the Asian session, except the yen.

The euro climbed to more than a 2-week high of 1.1097 against the greenback from Wednesday's closing value of 1.1072. The euro is seen finding resistance around the 1.12 level.

The euro appreciated to near a 2-week high of 1.1004 against the franc from yesterday's closing value of 1.0972. The currency is likely to locate resistance around the 1.13 level. The euro firmed to a 3-day high of 120.58 against the yen, compared to 120.24 hit late New York Wednesday. On the upside, 122.00 is possibly seen as its next resistance level.

Figures from the Ministry of Economy, Trade and Industry showed that Japan's all industry activity rose in September.

The all industry activity index rose 1.5 percent month-on-month in September, after remaining unchanged in August. This was in line with economists' expectations.

Extending early fall, the euro depreciated to a 2-day low of 0.8545 against the pound. Should the euro drops further, 0.84 is possibly seen as its next support level.

Data from the Office for National Statistics showed that the UK budget deficit widened more than expected in October.

Public sector net borrowing excluding public sector banks, increased by GBP 2.3 billion from the last year to GBP 11.2 billion in October. The expected level was GBP 9.3 billion.

Looking ahead, U.S. existing home sales and leading index for October are set for release in the New York session.

Eurozone flash consumer sentiment index for November will be published at 10:00 am ET.

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