Euro Rises On ECB Draghi's Speech
27 Giugno 2017 - 8:16AM
RTTF2
The euro strengthened against other major currencies in the
early European session on Tuesday, after the European Central bank
President Mario Draghi signaled an upbeat economic outlook for the
euro area.
Speaking at the ECB Forum on central banking in Portugal, the
ECB chief Draghi said that all the signs now point to a
strengthening and broadening recovery in the euro area.
Deflationary forces have been replaced by reflationary ones.
Draghi said any adjustments to the monetary policy stance have
to be made gradually.
"As the economy picks up we will need to be gradual when
adjusting our policy parameters, so as to ensure that our stimulus
accompanies the recovery amid the lingering uncertainties," Draghi
said.
Meanwhile, the International Monetary Fund recommended the Irish
government to focus on rebuilding fiscal buffers, strengthening
economic resilience and fostering sustainable and inclusive
growth.
In the Asian trading today, the euro held steady against its
major rivals.
In the European trading, the euro rose to a 6-day high of 0.8852
against the pound, an 8-day high of 1.0895 against the Swiss franc
and nearly a 5-week high of 125.58 against the yen, from early lows
of 0.8783, 1.0862 and 124.74, respectively. If the euro extends its
uptrend, it is likely to find resistance around 0.89 against the
pound, 1.09 against the franc and 126.00 against the yen.
Against the U.S. and the Canadian dollars, the euro advanced to
near 2-week highs of 1.1255 and 1.4897 from early lows of 1.1179
and 1.4801, respectively. The euro may test resistance near 1.13
against the greenback and 1.50 against the loonie.
Against the Australian and the New Zealand dollars, the euro
edged up to 1.4791 and 1.5377 from an early 6-day low of 1.4682 and
more than a 2-month low of 1.5234, respectively. On the upside,
1.50 against the aussie and 1.57 against the kiwi are seen as the
next resistance levels for the euro.
Looking ahead, U.S. S&P/Case-Shiller home price index for
April, U.S. consumer confidence index for June, and U.S. Richmond
Fed manufacturing index for June are slated for release in the New
York session.
At 11:15 am ET, Federal Reserve Bank of Philadelphia President
Patrick Harker is expected to speak about the economic outlook and
international trade at the European Economics & Financial
Centre, in London.
At 1:00 pm ET, Federal Reserve Chair Janet Yellen will speak on
global economic issues at the British Academy 'President's
Lecture', in London.
Grafico Cross Euro vs Yen (FX:EURJPY)
Da Mar 2024 a Apr 2024
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