Get 40% Off
🎁 Free Gift Friday: Copy Legendary Investors' Portfolios in One ClickCopy for Free

Forex - Euro steady as focus turns to Fed meeting

Published 01/27/2015, 02:47 AM
Euro steady after recovering from 11-year trough

Investing.com - The euro was steady against the dollar on Tuesday, after recovering from an 11-year nadir in the previous session as investors began turning their attention to Wednesday’s Federal Reserve meeting.

EUR/USD was at 1.1250 having rebounded from Monday’s lows of 1.1096, the weakest since September 2003.

The shared currency initially fell on Monday in the wake of a sweeping election victory for the anti-austerity Syriza party in Greece.

However, the euro stabilized as the currency’s steep losses prompted investors to take profits on bearish euro positions.

Investors still remained wary amid concerns over Syriza’s pledge to renegotiate the terms of Greece's €240 billion international bailout, which could cause the country to leave the euro zone.

The European Central Bank unveiled a €1.2 trillion asset purchase program last week, highlighting the diverging monetary policy stance between it and the Federal Reserve, which is on track to raise rates later this year.

Investors were looking ahead to the outcome of Wednesday’s Fed meeting, with the bank expected to stick to its pledge to be patient on tightening monetary policy.

In other trade, USD/JPY was down 0.39% to 118.01, off overnight highs of 118.66.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, slid 0.13% to 95.16.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.