Euro Climbs As ECB Kazaks Hints At Reduction In Pace Of Bond Buying
2021年5月7日 - 04:24PM
RTTF2
Comments from European Central Bank Governing Council member
Martins Kazaks that the central bank is likely to scale back the
pace of its emergency bond buying program in June lifted the euro
in the European session on Friday.
"If financial conditions remain favorable, in June we can decide
to buy less," Kazaks, who also heads Latvia's central bank, said in
an interview on Thursday.
"Flexibility is at the very core of PEPP."
Kazak added that the central bank cannot react to all increases
in market rates.
Kazaks' remarks hinting at a slowdown in the pace of PEPP
purchases sent Eurozone bond yields higher.
European stocks advanced as upbeat regional data boosted hopes
of a stronger economic recovery.
The latest U.S. jobs data will be out later today, with
economists expecting employment to jump by 978,000 jobs in April
after an increase of 916,000 jobs in May. The unemployment rate is
expected to dip to 5.8 percent from 6.0 percent.
In economic releases, German industrial production grew 2.5
percent month-on-month in March, reversing a 1.9 percent fall in
February, Destatis reported.
Output was forecast to climb 2.3 percent. On a yearly basis,
industrial production advanced 5.1 percent, in contrast to a 6.8
percent fall in February.
Another report revealed that German exports increased 1.2
percent on a monthly basis in March, while economists had forecast
the growth to ease to 0.5 percent from 1 percent in February.
Year-on-year, exports advanced 16.1 percent, reversing a 1.2
percent fall in February.
A new study suggested that hiring in the U.K. surged last month.
The IHS Markit/CIPS Construction Purchasing Managers' Index (PMI)
eased to 61.6 in April from 61.7 in March.
The euro was up against the yen and the greenback, at a 4-day
high of 131.94 and a 1-week high of 1.2091, respectively. This
followed the currency's earlier lows of 131.48 against the yen and
1.2053 versus the greenback. The currency is likely to locate
resistance around 133.00 against the yen and 1.22 against the
greenback.
The euro approached a 2-day high of 1.0975 against the franc,
off its early 2-1/2-month low of 1.0935. The currency may face
resistance around the 1.13 level.
The euro rose to 1.5553 against the aussie, 1.6746 against the
kiwi and 1.4728 against the loonie, from its early lows of 1.5485
and 1.6657 and more than a 1-year low of 1.4645, respectively. The
euro is seen finding resistance around 1.57 against the aussie,
1.72 against the kiwi and 1.49 against the loonie.
The European currency recovered from an early low of 0.8665
against the pound, with the pair trading at 1.4728. On the upside,
0.88 is likely seen as its next resistance level.
Survey results from IHS Markit showed that UK construction
sector logged a robust growth in April with continued recoveries
seen in civil engineering activity, commercial work and house
building.
The Chartered Institute of Procurement & Supply construction
Purchasing Managers' Index came in at 61.6 in April, down only
fractionally from March's six-and-a-half year peak of 61.7.
Looking ahead, U.S. and Canadian jobs data and Canada Ivey PMI,
all for April, as well as U.S. wholesale inventories and consumer
credit for March will be out in the New York session.
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