Euro edges off lows as dollar rally takes a pause

Monday, 17 December 2018 16:35 WIB

DOLLAR Yen EuroDolar ASAussiepound


The euro clawed itself off recent lows on Monday as the dollar paused near 18-month highs and traders waited to see whether the U.S. Federal Reserve's policy meeting this week would calm nerves about slowing global economic growth.

In a quiet start to European trading, most currencies were little moved ahead of key policy events this week in the United States and China.

Last week the dollar enjoyed its best weekly performance since September while the euro tumbled after the European Central Bank cut its inflation and growth forecasts and struck a cautious tone about the outlook for the world economy.

The Federal Reserve begins its two-day policy meeting on Tuesday and is expected to hike rates for a fourth time in 2018.

But all eyes will be on signals about the pace of further tightening next year and the Fed’s sense of how the economy is holding up amid a U.S.-China trade conflict and global financial market volatility.

On Monday, the euro nudged up 0.1 percent to $1.1316 after last week hitting as low as $1.1270.

The dollar index, which measures the greenback against a basket of currencies, slipped 0.1 percent to 97.394, close to the 19-month high of 97.711 touched last week.

Weaker-than-expected economic data from China and Europe last week sent investors towards the perceived safety of the dollar and the Japanese yen.

The Australian dollar, whose fortunes are closely tied to China’s economy, was marginally down at $0.7173.

The yen was unchanged at 113.39 yen per dollar.

Other foreign exchange markets were also quiet, with the British pound flat at $1.2591 as investors waited for the next Brexit-related developments.

Source:  Reuters




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