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Euro pauses before ECB meeting as trade thaw triggers risk rally


Thursday, 12 September 2019 15:47 WIB

Yen EuroPoundsterling


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The euro hovered near $1.10 on Thursday as traders waited to see the scale of fresh stimulus expected from the European Central Bank, while China's yuan and Australia's dollar were buoyed by further signs of a thaw in the U.S.-China trade war.

The Japanese yen, the go-to safe haven currency for nervous investors, fell to a six-week low against the dollar. The yen breached the 108 mark and was last at 107.98 yen per dollar, down 0.1% on the day and far from its seven-month high of 104.46 plumbed last month.

The Aussie hit a six-week high and the offshore Chinese yuan rose 0.5% to a three-week high of 7.0737 against the dollar.

Market attention now turns to the ECB, the first of a series of major central bank events, with the Federal Reserve and the Bank of Japan meeting next week.

The single currency has shed 3.5% since June and was steady at $1.1017 in early European trade.

The dollar was slightly lower against a basket of currencies at 98.599.

Sterling was little changed. The pound rocketed to a six-week high on Monday, reversing last week's losses as investors welcomed the British parliament's move to block a no-deal Brexit on Oct. 31.

Source: Investing.com


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