Euro Holding Firm

mar bonnin palmer

The common currency has held on to yesterday’s late session rally against the US Dollar and is trading in a tight range this morning across the board. The German GfK consumer confidence numbers released today were in line with market expectations and induced little movement in the Euro. The Italian consumer sentiment report scheduled for release later today will also gain market interest, especially following today’s positive domestic retail sales print. Further, important US economic data will also keep Euro investors interested in the session ahead.

Despite the dovish tone adopted by the ECB President, Mario Draghi and the Bundesbank President, Jens Weidmann, together with the dismal German macro data, the Euro pared most of its losses against the greenback yesterday. Although both continued to rebuff talks of deflation, Draghi indicated that the central bank might take further policy measures, if risks to price stability emerge. Weidmann hinted at the use of negative deposit rates to ward off the threat of the rising Euro. Earlier in yesterday’s trading session, dismal German Ifo sentiment indices had led to the Euro’s downfall against the greenback.

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