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Euro Slides Ahead Of ECB Policy Meeting

ByFxNet
Published 02/06/2014, 02:57 AM
Updated 04/25/2018, 04:40 AM
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Asian Session

The euro eased lower ahead of key event risk as investors positioned for the European Central Bank's policy review due on Thursday.
The EUR/USD held steady for most of the Asian session just above a two-month low near $1.3477 that had been set on Monday before sliding to $1.3515.

Growing speculation recently that the ECB may be forced to ease monetary policy further to help fight off the threat of deflation has weighed on the euro recently. Even if the ECB does not act to cut rates today, then it is expected this could happen at the next meeting in March.

Against the yen, the euro was little changed and supported above the key 137.00 support level. The EUR/JPY has managed to stay above an 11-week low of 136.25 yen reached on Tuesday.

The USD/JPY rose slightly during the session to a high of 101.65 yen, staying above Tuesday's 11-week trough of 100.75 yen.
This week the Japanese currency received a boost from safe haven demand in the wake of a recent selloff in emerging market equities and currencies.

The dollar weakened against the yen as mixed US data on Wednesday offered little support for the greenback. The US PMI for the service sector picked up pace in January but the ADP jobs numbers disappointed as private employers added 175,000 jobs in January, the smallest gain since August. The US non-farm payrolls report on Friday will be closely watched.

The Australian dollar was the biggest mover today, surging against the US dollar after strong data added to the view the Reserve Bank of Australia (RBA) will not likely cut interest rates soon.

The AUD/USD jumped as much as half a cent to $0.8981, its highest in nearly a month, from $0.8909 in early trade.

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