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 2014 the year you get RICH!

Latest Headlines

Oman likely to start cutting subsidies next year -ministerOman likely to start cutting subsidies next year -minister
KUWAIT (Reuters) - Oman`s government is likely to start cutting some state subsidies next year as the decline in global oil prices pressures its finances, Minister for Financial Affairs Darwish al-B...
Deutsche Bank lawyer found dead by suicide in New YorkDeutsche Bank lawyer found dead by suicide in New York
BERLIN (Reuters) - A senior Deutsche Bank regulatory lawyer has been found dead in New York after committing suicide, New York City officials said on Saturday. Calogero Gambino, 41, was found on the...
Areva-Siemens raises claim to $4.4 billion over Finnish reactor delaysAreva-Siemens raises claim to $4.4 billion over Finnish reactor delays
HELSINKI (Reuters) - The French-German consortium Areva-Siemens <AREVA.PA><SIEGn.DE>, the supplier of Finland`s much-delayed Olkiluoto-3 nuclear reactor, has increased its claim against Fi...
India's finance minister favors interest rate cut: paperIndia's finance minister favors interest rate cut: paper
NEW DELHI (Reuters) - India`s Finance Minister Arun Jaitley favors a cut in interest rates to trigger demand in the construction sector, a newspaper report said on Saturday, but the central bank has s...
China's auto market growth may halve to 7 percent this year: industry body headChina's auto market growth may halve to 7 percent this year: industry body head
SHANGHAI (Reuters) - Growth in China`s auto market, the world`s biggest, will halve to 7 percent this year weighed down by a slowing economy, the head of an industry body said on Saturday. "Personal...

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.