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Forex News: Euro Muted After ECB Minutes

Euro Muted After ECB Minutes

06/25/2020 - 10:42:00 (RTTNews)

(RTTNews) - The euro showed muted trading against its major counterparts in the European trading session on Thursday, after minutes from the European Central Bank's June meeting showed that policymakers agreed that purchases of government bonds under the pandemic emergency purchase programme and the asset purchase programme were an effective tool for delivering the price stability goal in the current environment.

Members broadly agreed that while different weights might be attached to the benefits and side effects of asset purchases, the negative side effects had so far been clearly outweighed by the positive effects of asset purchases on the economy in the pursuit of price stability, the minutes from the bank's June 3-4 meeting showed.

ECB policymakers broadly agreed to increase the size of the PEPP by ?600 billion and extend the horizon for net purchases under the scheme to at least the end of June 2021.

Members observed that expanding the size of the PEPP would help support the smooth transmission across the euro area, it added.

Survey results from market research group GfK showed that German consumer sentiment is set to recover next month reflecting the rapid reopening of the economy and society.

The forward-looking consumer sentiment index rose to -9.6 in July from revised -18.6 in June. The score was forecast to rise moderately to -12.

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

The euro declined to a 3-day low of 1.1190 against the greenback and a new 4-week low of 1.0635 against the franc, from its early highs of 1.1260 and 1.0677, respectively. The next likely support for the euro is seen around 1.10 against the greenback and 1.045 against the franc.

The euro depreciated to a 1-week low of 0.9001 against the pound, after rising to 0.9065 at 8:00 pm ET. The euro is seen finding support around the 0.88 region.

The Distributive Trades Survey data from the Confederation of British Industry showed that UK retailers reported a steep fall in sales in June but stronger growth for grocers and stable volumes in the specialist food and drink sector ensured a slower pace of decline than in May.

A balance of -37 percent said sales declined in June compared to -50 percent in May. This was weaker than the expected rate of -34 percent. A net 48 percent forecast sales to decrease further next month.

The euro pulled back from its early high of 120.62 against the yen and weakened to 120.14. The euro is poised to challenge support around the 117.00 level.

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