Stock:
Symbol Lookup
Register | Login
...
History
...
...

Pre Market | Dow Jones | Gold | Newsletters | Learn


Forex Market Update: Euro Eases against the Dollar Ahead of ECB Meeting

Monday, February 4, 2013 7:57 AM
The euro eased against the Japanese yen and U.S. dollar on Monday after climbing to multi-year highs last week. The single currency slipped as traders booked profit after the recent rally. Traders were also cautious ahead of the European Central Bank (ECB) meeting this Thursday. The euro was also dragged lower by after disappointing jobs data from Spain. Spain’s registered unemployment rate rose in January as the euro zone’s fourth-largest economy continues to struggle with an economic downturn. The figures released on Monday showed that people registering for jobless benefit climbed 132,055 in January to 4.98 million. Spain’s unemployment rate stands at 26%. Also weighing on the euro was political uncertainty in Spain and the region’s third largest economy, Italy. At last check, the single currency was trading 0.4% lower to $1.3574. Euro fell to an intra-day low of $1.3580. On Friday, the euro climbed sharply against the dollar after the U.S. nonfarm payrolls data showed modest improvement in the labor market. The euro also retreated against the yen on Monday. At last check, the single currency was down 0.2% to 126.51 yen. Last week, the euro rose to 126.97 yen, which was the highest level in nearly two and a half years. Despite the pullback, analysts expect the euro to remain strong as the ECB is expected to keep interest rates unchanged at its meeting later this week. Speaking to Reuters, Adam Myers, Senior FX Strategist at Calyon, said that once the ECB fails to cut rates on Thursday, which is his view, the euro will be free to move even higher again, but with the uncertainty surrounding the meeting the euro will likely weaken slightly or trade sideways. Meanwhile, the yen is expected to remain weak after the Bank of Japan recently announced aggressive monetary easing measures to stimulate the world’s third largest economy. The dollar rose to 93.10 yen on Monday. Myers said that the yen will remain weak, though it will not likely be sold at the momentum seen last week. He noted that investors would be looking to buy the euro and the dollar against the yen on dips.  
PRINT

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2014 the year you get RICH!

Latest Headlines

Hollande, Draghi agree on threat of deflation: officialHollande, Draghi agree on threat of deflation: official
PARIS (Reuters) - French President Francois Hollande and European Central Bank chief Mario Draghi agreed on Monday that deflation and weak growth were threatening the European Union`s economy, an offi...
Imperial Tobacco closes $13 billion of loansImperial Tobacco closes $13 billion of loans
LONDON (Reuters) - British cigarette maker Imperial Tobacco has closed loans of about $13 billion to back its acquisition of selected brands and assets from Reynolds American Inc, the lead banks sai...
Algeria's In Amenas gas plant returning to normal after attackAlgeria's In Amenas gas plant returning to normal after attack
OSLO/ALGIERS (Reuters) - A major gas plant in Algeria where 40 employees were killed by Islamist militants last year is returning to normal operations following a big step up in security, one of the...
Why the shale revolution is not about to end: KempWhy the shale revolution is not about to end: Kemp
LONDON (Reuters) - Doubts about the sustainability of the North American oil and gas boom center on rapidly declining output from many shale wells after they are initially drilled. Shale skeptics ...
As aluminum market shifts to deficit, all eyes on China: Andy HomeAs aluminum market shifts to deficit, all eyes on China: Andy Home
LONDON (Reuters) - For the world`s hard-pressed aluminum producers the current outlook is the rosiest in many years. Russian giant UC Rusal, for example, has just returned to profit for the first ...

Loading Headlines...
 

Stock Market

Track the stock market today with the latest news and information on all things investing! Watch your stocks perform throughout the day and watch the breaking stock market news.

Feedback | disclaimer | privacy policy

Stock Market News

The Stock Market is ever changing. Keep up on your stock market news.

Stock Market Newsletters

Read up on your favorite stock market newsletters.


Learn the Stock Market

Sharper your stock trading skills with our stock market education section.