|01-08-2015, 03:55 PM||#1|
Euro trading at nine-year lows on ECB quantitative easing bets
The euro added more losses on Thursday, falling to a nine-year low against the U.S. dollar as speculations aggravated that the European Central Bank (ECB) will soon adopt a large scale quantitative easing program.
A fall in November German industrial orders added to bearish pressure on the euro, following Wednesday’s data that showed consumer inflation fell more than expected in December in the Eurozone, fueling worries that it is facing deflation, threatening the region’s economic recovery.
This marked the first annual decline in prices since 2009, which reinforced expectations the ECB would announce quantitative easing at its next policy meeting on January 22.
The euro fell below $1.18 and was trading at session lows near $1.17563. As of 12:25 GMT
This was the euro’s lowest level since December 2005.
The 2005-low also came from the dollar’s continued strength. Minutes released Wednesday from the Federal Open Market Committee’s (FOMC) recent meeting showed policy makers in the U.S. ready to hike interest rates even at the current inflation levels, though not before at least two meetings.
The minutes also included cheerful comments on economic growth in the U.S.
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