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

Nokia to name Rajeev Suri as next CEO on Tuesday: reportNokia to name Rajeev Suri as next CEO on Tuesday: report
HELSINKI (Reuters) - Nokia <NOK1V.HE>, which is set to close the sale of its phone business to Microsoft <MSFT.O>, will on Tuesday name Rajeev Suri as its next CEO and outline its new stra...
Standard & Poor's affirms France credit ratingStandard & Poor's affirms France credit rating
PARIS (Reuters) - Standard & Poor`s on Friday affirmed France`s long-term credit rating at AA and its short-term credit rating at A-1+ with a stable outlook, citing the government`s efforts to imp...
China urban jobless rate edges down to 4.08 percent at end-MarchChina urban jobless rate edges down to 4.08 percent at end-March
BEIJING, April 25 (Reuters) - China created 3.44 million new jobs in cities in the first three months of this year, bringing the urban jobless rate down slightly to 4.08 percent, the labour ministry s...
Fed, OCC differ in enforcing leveraged lending guidelinesFed, OCC differ in enforcing leveraged lending guidelines
NEW YORK (Reuters) - Some major U.S. banks are privately complaining that they are getting the short end of the regulatory stick when it comes to the profitable business of lending to heavily indebt...
New report calls U.S. a 'rising star' of global manufacturingNew report calls U.S. a 'rising star' of global manufacturing
(Reuters) - Call it the comeback kid. A new ranking of the competitiveness of the world`s top 25 exporting countries says the United States is once again a "rising star" of global manufacturing th...

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.