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EUR Weighing on the USD Ahead of the ECB Meeting

#ECB #dollar

$EUR $JPY $USD $GBP

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!

Paul Ebeling
Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.   

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