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

Pre Market | Dow Jones | Gold | Newsletters | Learn


Forex Market Update: Euro Slips Ahead of ECB Meeting

Wednesday, February 6, 2013 1:37 PM
The euro edged lower against the U.S. dollar and the Japanese yen on Wednesday as traders remained cautious ahead of the European Central Bank (ECB) meeting on Thursday. Meanwhile, the yen has recovered after falling initially against the dollar. Traders are focused on the important ECB meeting, scheduled for Thursday. The ECB is expected to keep the euro zone’s benchmark interest rates unchanged, given that recent economic data from the region has been encouraging. Market participants are waiting for ECB President Mario Draghi’s comments on the euro zone economy. Speaking to Reuters, Camilla Sutton, Chief Currency Strategist at Scotia Capital in Toronto, said that the focus is speculation over Thursday’s ECB statement and President Draghi’s press conference. Sutton expects Draghi to sound notably cautious and euro to weaken on the back of it. While the euro zone economy has stabilized, there are still concerns over the debt crisis, especially in the wake of political uncertainty in Spain and Italy. In Spain, pressure is mounting on Prime Minister Mariano Rajoy to resign following a corruption scandal. Meanwhile, prospects of a Silvio Berlusconi win in this month’s general election in Italy have stoked fears that the country’s reform process will be stalled. Antje Praefcke, currency strategist at Commerzbank, told Reuters that the market is a bit nervous ahead of the ECB meeting. At last check on Wednesday, the euro was down 0.4% to $1.3535. The single currency is still up more than 2.5% for the year against the dollar. Against the yen, the euro slipped 0.5% to 126.63 yen after touching a 34-month high of 127.69 earlier in the day. The yen also recovered against the dollar after falling to its lowest level against the greenback since May 2010. At last check, the dollar was trading 0.1% lower at 93.52 yen. Although the yen has recovered, the outlook for the Japanese currency remains bearish amid speculation that the Bank of Japan will implement further easing measures to boost growth in the world’s third-largest economy.  
PRINT

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2015 the year you get RICH!

Latest Headlines

Janus' Bill Gross warns on dangers of low interest ratesJanus' Bill Gross warns on dangers of low interest rates
NEW YORK (Reuters) - Closely watched bond investor Bill Gross criticized ultra-low interest rates on Monday, saying they could harm global growth instead of boosting it in the way that many central ba...
Munich court to allow trial of Deutsche Bank co-CEO Fitschen Munich court to allow trial of Deutsche Bank co-CEO Fitschen
MUNICH (Reuters) - A German court has decided to try Deutsche Bank <DBKGn.DE> co-CEO Juergen Fitschen and four former executives at the bank in connection with the long-running Kirch bankruptcy ...
HP to buy Wi-Fi gear maker Aruba Networks for $2.7 billionHP to buy Wi-Fi gear maker Aruba Networks for $2.7 billion
(Reuters) - Hewlett-Packard Co <HPQ.N> said it would buy Wi-Fi network gear maker Aruba Networks Inc <ARUN.O> for about $2.7 billion in cash. The offer of $24.67 per share is a premium o...
HP to buy Wi-Fi gear maker Aruba Networks for $2.7 billionHP to buy Wi-Fi gear maker Aruba Networks for $2.7 billion
(Reuters) - Hewlett-Packard Co <HPQ.N> said it would buy Wi-Fi network gear maker Aruba Networks Inc <ARUN.O> for about $2.7 billion, the biggest deal for the world`s No. 2 PC maker since ...
Costco ties up with Citigroup, Visa for U.S. co-branded cardsCostco ties up with Citigroup, Visa for U.S. co-branded cards
(Reuters) - Warehouse club retailer Costco Wholesale Corp <COST.O> said on Monday it had tied up with Citigroup Inc <C.N> and Visa Inc <V.N> to issue co-branded credit cards in the U...

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.

Algorithm Based
Trade Signals
arrow
small cap swing trades SmallCaps stocks under $10
Index Signals Index Signals SPY, QQQ, DIA, IWM
options trading Mega Stocks options + stock trade signals
AppleStock FREE AAPL Signals realtime daytrade signals