EUR Weighing on the USD Ahead of the ECB Meeting

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In Asia EUR was quoted at $1.2033, up 0.1% on the day and not far from its strongest since 3 March. The common currency has gained as much as 3% against USD since the start of April.

The Euro could resume its rise against the Greenback on any signs reducing bond purchases, a policy that is gaining support within the ECB.

EUR’s gains weighed on the Buck, which eased to 107.87 JPY, close to a 7-wk low.

GBP bought $1.3938, up 0.1% on the day.

The onshore RMB Yuan rose to 6.4820 per Dollar to reach its strongest mark since 12 March.

USD is near multi-wk lows Vs most major currencies as fading gains in US Treasury yields reduced its interest rate advantage.

The Canadian Loonie, which ran to a 6-wk high Wednesday, was last quoted at 1.2494 Vs USD, is flat on the day.

The Australian and New Zealand Dollars traded near 1-month highs Vs USD, supported by speculation that their central banks are likely to follow Canada’s example due to an improving economic outlook.

Have a healthy day, Keep the Faith!

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