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Euro Holds Tight Ranges Ahead of Trump, ECB Virus Response


Thursday, 12 March 2020 07:39 WIB

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The euro held its nerve on Thursday, as markets wait to see how aggressively the European Central Bank will move to combat the coronavirus' economic shock, following emergency rate cuts in the U.S. and Britain.

Investors expect the ECB will cut its main deposit rate by 10 basis points. But it is no certainty since rates are already at a record-low -0.5% and further cuts could hurt bank margins and so squeeze lending.

Markets also await 01:00 GMT remarks from U.S. President Donald Trump, who has downplayed the risks from coronavirus, but said he would address economics and healthcare in his comments.

The euro was flat in Asian trade at $1.1260, its softest so far in a week where it has soared on expectations of further rate cuts in the United States. The yen was a touch firmer at 104.47 per dollar. The Australian and New Zealand dollars each fell about 0.2%. The Aussie last bought $0.6471 and the kiwi $0.6257.

Source : Reuters


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