|09-04-2014, 04:27 PM||#1|
Pound, euro mixed ahead of key central banks meetings
The euro and pound retreated against the U.S. dollar on Thursday trading, failing to track gains in shares, amid concerns before today’s monetary decisions by the two giant European Central Banks, the ECB and BoE.
Some economists are already predicting that the European Central Bank (ECB) will cut its key rate for the second time in three months to prevent low inflation from further damaging the Eurozone`s stagnant economy.
The euro slipped on expectations of seeing more easing in the ECB`s monetary stance amid the downbeat data released recently.
The EURUSD pair is trading around $1.31468 after hitting a low of $1.31360, where the trading range for today is among the key support at $1.31960 and key resistance at $1.31099.
On the other hand, the sterling pound slipped versus the U.S. dollar before BoE decision which is estimated to leave both interest rate and APF quantity on hold for another month.
Last month, MPC members were divided over boosting stimulus for the first time in more than three years, with two policymakers breaking ranks to call for a quarter-point rise from 0.50 percent - where rates have stood since March 2009.
The GBPUSD is trading around $1.64570 after touching a high of $1.64650 and a low of $1.64468. The pair started the day at $1.64605
Moreover, the U.S. dollar rebounded after two days of decline ahead of the release of the ADP employment change report. The report is expected to show U.S. private sector added 215,000 jobs in August.
The ADP report gives a good sign before Friday`s awaited non-farm payrolls report which will give an update about the health of the labor sector.
The dollar index, which tracks the dollar movements versus a basket of major currencies, is currently hovering around 82.87, compared with the day`s opening of 82.85. Against the yen, dollar traded higher at ¥104.864.
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