|08-27-2014, 03:09 PM||#1|
Euro picks up, Schaeuble softens tone on ECB easing
Euro remained under pressured Wednesday; however, the single currency reacted to the U.S. Dollar weakness in during European trades as the greenback fell back on profit-taking.
Euro has been struggling the past few days on expectations of soft inflation data and more monetary easing. However, the common currency bounced off its lowest levels in almost a year as Germany`s finance minister played down speculation over more monetary policy easing in the coming months.
Germany`s Finance Minister Wolfgang Schaeuble said in a newspaper interview Wednesday that European Central Bank chief Mario Draghi had been "over-interpreted" after he said he would use all the available instruments" should inflation weaken more.
The euro was near $1.31818 after touching a low of $1.31523 in Asian trade, it’s weakest since September 9. The EURUSD started the day $1.31663.
Weak German economic figures and the resignation of the French government following a row over fiscal policy added to euro’s bearish mix.
Investors betting on more euro weakness are waiting for euro zone confidence data on Thursday and inflation data on Friday.
The dollar index, a basket of currencies traded against the greenback, was down in early European trading coming at 82.55 after opening at 52.68. Against the yen, the dollar was at ¥103.931.
The New Zealand dollar was the biggest mover among developed currencies, rising just over 0.5 percent to $0.83727, edging away from a six-month low of $0.8311 hit on Tuesday.
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