The Euro fell against the US Dollar but edged upward to trade steadily around the 1.17 mark against the British Pound as investors await the latest European Central Bank policy meeting.
The single currency is close to its lowest level in more than a month against the US Dollar as concerns over the stability of the Portuguese government reignited fears over the Euro crisis.
“There is a general consensus that the ECB will not touch rates or announce any new additional measures although personally I expect Draghi to be a little more dovish than at the last meeting, Focus on Portugal is pretty high but there has been a limited spill over into Spain and Italy so far.” said UniCredit interest rate strategist Luca Cazzulani.
Sterling meanwhile declined as the markets await the outcome of the Bank of England’s policy meeting, the first to be headed by Mark Carney.
The ECB is expected to reiterate it commitment to keep its monetary policy accommodative and maintain interest rates at the current level. The Bank is likely to keep the benchmark interest rate unchanged at the record low level of 0.5%.
“The economic data are improving but are still weak so we think the press conference will be quite dovish,” said Marcus Hettinger currency strategist in Zurich. “That should be slightly negative for the Euro. We’ll probably stay below $1.30 but we don’t expect a major move because we have the US payrolls tomorrow.”
Current Euro (EUR) Exchange Rates
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The Euro/US Dollar Exchange Rate is currently in the region of: 1.3000
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4245 <
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6664 <
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7694 <
The Pound Sterling /Euro Exchange Rate is currently in the region of: 1.1734
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.5994 >
(Correct as of 09:45 am GMT)
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