|01-13-2015, 01:09 AM||#1|
Euro edges lower, speculations of buying sovereign bonds
The euro fell on Monday against the dollar near its lowest level in nine years, amid speculations that the European Central Bank (ECB) could buy sovereign bonds to support the euro zone.
The euro received pressure from the rising dollar that is still achieving new highs. The U.S. dollar index traded around 92.27 at 10:22 GMT.
Several economic data to be released this week, including inflation data in the euro area, which is approaching the danger of deflation, support the ECB in buying sovereign bonds.
Forecasts indicate euro zone to slip into deflation by 0.2%, pushing the ECB to intervene again to save the region and expand stimulus measures.
Germany, the largest euro zone economies, is expected to keep inflation rates steady at 0.2%, which is considered a positive outlook.
However, Germany is opposed to ECB’s policy of buying sovereign bonds, where the Bundesbank Governor Jens Weidmann is known by his opposing stand regarding the ECB procedures in regards to its monetary policy.
EURUSD pair dropped by 0.35% around 1.1798, compared with the opening levels 1.1847.
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