Euro Higher As ECB Minutes Show Clash On QE Program
2019年10月10日 - 07:05PM
RTTF2
The euro was higher against its major counterparts in the
European session on Thursday, after minutes from the European
Central Bank's September policy meeting showed opposition from
several policy makers about restarting the quantitative easing
program.
A number of policymakers assessed the need for renewed net asset
purchases as not sufficiently strong, either because they deemed
them to be a less efficient instrument or due to an apprehension
that it should be deployed as an instrument of last resort in the
event of more severe contingencies and which was not warranted in
the light of the current outlook, the minutes of the September
11-12 Governing Council meeting showed.
There was disagreement on the size and instruments included in
the stimulus package.
Observation was made that an open-ended announcement of renewed
net asset purchases could give rise to demands by market
participants for higher monthly purchase amounts, at least in the
absence of convincing evidence of an improving inflation outlook,
the minutes showed.
But all members agreed on the need to act in response to the
continued shortfall of inflation and that a clear majority of
members supported the proposed measures.
While a few members expressed a readiness to lower the deposit
facility rate by 20 basis points, other members opposed a reduction
of 10 basis points on concerns about its possible adverse side
effects.
Data from Destatis showed that Germany's exports declined the
most in four months, while imports recovered at a faster than
expected pace.
Exports fell by more-than-expected 1.8 percent month-on-month in
August, reversing a 0.8 percent rise in July. Exports were forecast
to fall 1 percent.
The euro strengthened against its major counterparts in the
Asian session, excepting the pound.
The euro hovered at nearly a 3-week high of 1.1034 versus the
greenback, from Wednesday's closing value of 1.0971. Next immediate
resistance for the euro is seen around the 1.12 level.
Data from the Labor Department showed that U.S. consumer prices
were essentially flat in September.
The Labor Department said its consumer price index was unchanged
in September after inching up by 0.1 percent in August. Economists
had expected another 0.1 percent uptick.
The single currency that ended Wednesday's trading at 1.0926
against the franc climbed to a 6-day high of 1.0956. The euro is
seen facing resistance around the 1.13 level.
Extending early rally, the euro climbed to 118.66 against the
yen, its strongest level since September 23. On the upside, 122.00
is likely seen as the next resistance level for the euro.
Data from the Bank of Japan showed that Japan producer prices
were flat on month in September - matching forecasts following the
0.3 percent decline in August.
On a yearly basis, producer prices were down 1.1 percent - again
in line with expectations after sliding 0.9 percent in the previous
month.
The euro appreciated to 0.9019 versus the pound, a level unseen
since September 5. The currency is likely to locate resistance
around the 0.92 level.
Data from the Office for National Statistics showed that the UK
economy expanded in three months to August for the second
consecutive time suggesting that it is on the course to avoid a
recession ahead of Brexit.
Rolling three-month gross domestic product growth increased to
0.3 percent from 0.1 percent in three months to July. This was also
faster than the expected 0.1 percent rise.
The euro climbed to a 3-week high of 1.4690 against the loonie
and held steady thereafter. Should the euro rises further, 1.49 is
possibly seen as its next resistance level.
The euro rose back to 1.7461 against the kiwi, heading towards a
weekly high of 1.7497 set in the Asian session. The next possible
resistance for the euro is seen around the 1.78 level.
The euro was trading at 1.6322 against the aussie. This may be
compared to a 1-1/2-month high of 1.6370 it touched at 7:00 pm ET.
The pair had ended yesterday's trading session at 1.6313.
Data from the Australian Bureau of Statistics showed that
Australia home loans rose a seasonally adjusted 3.2 percent on
month in August - coming in at 33,468.
That exceeded expectations for an increase of 2.3 percent
following the upwardly revised 4.3 percent increase in July.
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