Euro Falls On ECB Stimulus Hopes
2019年8月16日 - 07:20PM
RTTF2
The euro declined against its major counterparts in the European
session on Friday on increased hopes of stimulus measures from the
European Central Bank next month following comments by policymaker
Olli Rehn.
Rehn, who is also the Governor of Finland central bank, said
that the ECB was preparing a 'very strong package ' that could
exceed market expectations at its next monetary policy meeting in
September.
"It's important that we come up with a significant and impactful
policy package in September," Rehn said in an interview with the
Wall Street Journal on Thursday.
"When you're working with financial markets, it's often better
to overshoot than undershoot, and better to have a very strong
package of policy measures than to tinker," he added.
Markets participants are pricing in a deposit rate cut of at
least 10 basis points and restart of bond purchases when the ECB
meets on September 11-12.
Data from Eurostat showed that the euro area trade surplus
declined in June as exports logged a monthly decline amid an
increase in imports.
The trade surplus fell to a seasonally adjusted EUR 17.9 billion
in June from EUR 19.6 billion in May. In the same period last year,
the surplus totaled EUR 12.5 billion.
The currency showed mixed trading against its major counterparts
in the Asian session. While it held steady against the greenback
and the yen, it rose against the franc. Versus the pound, it
declined.
The euro slipped to 0.9090 against the pound, a level unseen
this month. The euro is seen finding support around the 0.88
level.
The European currency fell to a fresh 2-week low of 1.1066
versus the greenback from Thursday's closing value of 1.1107. Next
key support for the euro is seen around the 1.09 level.
Data from the Commerce Department showed an unexpected slump in
housing starts in July.
The report said housing starts tumbled by 4.0 percent to an
annual rate of 1.191 million from the revised June estimate of
1.241 million.
After a brief pause, the euro resumed decline to a session's low
of 117.62 against the yen. If the euro falls further, 115.00 is
seen as its next support level.
The single currency pared gains to 1.0844 against the franc,
from a high of 1.0870 seen at 6:00 am ET. The euro is likely to
face support around the 1.07 level.
The euro depreciated to a 9-day low 1.7199 against the kiwi,
2-week low of 1.6309 against the aussie and an 11-day low of 1.4713
against the loonie, from yesterday's closing values of 1.7222,
1.6385 and 1.4786, respectively. The next possible support levels
for the euro are seen around 1.69 against the kiwi, 1.61 against
the aussie and 1.44 against the loonie.
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