Euro Weakens As ECB's Constancio Cautions Over Sudden Currency Movements
2018年1月17日 - 1:48PM
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The euro declined against its major counterparts in the early
European session on Wednesday, after the European Central Bank Vice
President Vitor Constancio cautioned about the recent strength in
the single currency and said that the bank is unlikely to make
immediate changes to forward guidance.
"I am concerned about sudden movements which don't reflect
changes in fundamentals," Constancio said in an interview with
Italy's La Repubblica newspaper, published today.
Regarding fundamentals, inflation was slightly down in December,
he said.
"We see the need for a gradual adjustment of all the elements of
our forward guidance if the economy continues to grow and inflation
continues to move toward our goal," Constancio said.
"This does not mean that changes will be immediate," he
added.
In economic news, data from the European Automobile
Manufacturers' Association showed that Europe's new passenger car
registrations declined at the end of the year.
Passenger car sales declined 4.9 percent year-over-year to
1,088,498 units in December, mainly the result of the fact that
December had one working day less in 2017 than in the preceding
year.
The euro was higher against its major rivals in the Asian
session.
Pulling away from an early high of 1.5410 against the aussie,
the euro edged down to 1.5361. If the euro falls further, 1.53 is
likely seen as its next support level.
Following a 4-week high of 1.5295 hit at 7:45 am ET, the euro
reversed direction and edged down to 1.5200 against the loonie. The
next possible support for the euro is seen around the 1.51
mark.
The 19-nation currency retreated to 1.2208 against the
greenback, from more than a 3-year high of 1.2323 hit at 7:45 pm
ET. Continuation of the euro's downtrend may see it challenging
support around the 1.19 mark.
After rising to 1.1802 against the franc at 7:45 pm ET, the euro
dropped back to 1.1761. Further downtrend may see the euro
challenging support around the 1.16 mark.
The euro reversed from an early 2-day high of 0.8908 against the
pound, falling to 0.8868. The euro is seen finding support around
the 0.86 area.
The IPA Bellwether report from IHS Markit showed that the
marketing budgets of UK private sector companies expanded at the
slowest pace in nearly two years in the fourth quarter of 2017. A
net balance of 8.6 percent of companies raised their marketing
budget compared to 9.9 percent in the previous quarter. This was
the lowest since early 2016.
The single currency eased back to 135.24 against the yen, from a
high of 135.90 hit at 11:45 pm ET. On the downside, 133.00 is
likely seen as the next support for the euro.
Data from the Cabinet Office showed that Japan's core machine
orders rose a seasonally adjusted 5.7 percent on month in
November.
That beat expectations for a decline of 1.2 percent on month
following the 5.0 percent jump in October.
The euro dropped to 1.6839 against the kiwi, after having
advanced to near a 2-week high of 1.6937 at 11:45 pm ET. Next key
support for the euro may be found around the 1.66 region.
Looking ahead, Eurozone CPI for December and construction output
for November are set for release in the European session.
The Bank of England member Michael Saunders speaks at the
Financial Intermediary and Broker Association inaugural conference
in London at 6:45 am ET.
In the New York session, U.S. industrial production for
December, NAHB housing market index for January and Fed's Beige
book report are set for release.
At 10:00 am ET, the Bank of Canada announces decision on
interest rates. Economists forecast the benchmark rate to rise to
1.25 percent from 1.00 percent.
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