Stock:
Symbol Lookup
Register | Login My Watchlist | My Account | Logout
History
to View Your Portfolio

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 2016 the year you get RICH!

Latest Headlines

Temasek sees no sharp rebound in global startup valuationsTemasek sees no sharp rebound in global startup valuations
SINGAPORE (Reuters) - Funding for global tech startups should return,even if valuations don`t rebound to their 2015 levels as investors press for less inflated values, a senior executive at Singapore ...
Bangladeshi probe panel's chief says SWIFT responsible for cyber theftBangladeshi probe panel's chief says SWIFT responsible for cyber theft
DHAKA (Reuters) - A Bangladesh government-appointed panel investigating the theft of $81 million from the country`s central bank has found that SWIFT, the international banking payments network, commi...
Vietnam's TPBank says thwarted cyber hacking attempt late last year Vietnam's TPBank says thwarted cyber hacking attempt late last year
HANOI (Reuters) - Vietnam`s Tien Phong Bank (TPBank) said on Sunday it had thwarted a hacking attempt in the final quarter of last year and avoided the loss of more than 1 million euros ($1.13 million...
Vietnam bank says interrupted cyber heist using SWIFT messaging Vietnam bank says interrupted cyber heist using SWIFT messaging
HANOI/BOSTON (Reuters) - Vietnam`s Tien Phong Bank said that it interrupted an attempted cyber heist that involved the use of fraudulent SWIFT messages, the same technique at the heart of February`s m...
EU member states agree roaming for NetflixEU member states agree roaming for Netflix
BRUSSELS (Reuters) - Consumers will be able to access their online subscriptions for services like Netflix , Sky and Canal+ when they travel across the European Union under proposals tentatively agree...

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.

{localized={en_US=Terry}, preferredLocale={country=US, language=en}} {localized={en_US=Scott}, preferredLocale={country=US, language=en}}

Terry Scott
CEO of StockMarketWatch

View Profile


Learn the Stock Market

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

Be a Better
Trader, Today
arrow
PreMarket PRO Our New Streaming Realtime Pre-Market Product -- Click Here to Learn More