Euro Trading Steady After Dipping to a One-Week Low Against the US Dollar
The Euro continues to trade steady against the US dollar ahead of today’s ECB meeting, as traders wait to hear about any upcoming stimulus measures being rolled out before taking positions in the single currency. At the time of writing, EUR/USD is trading at around 1.10.
A weakness in the Eurozone economy has driven the Euro 3.5% lower against the US dollar since June. On Wednesday, EUR/USD slipped to a one-week low at 1.0983 but has recovered since then during today’s Asian session.
Markets are widely expecting the ECB to announce a rate cut at today’s meeting even if it means taking interest rates into negative territory. The central bank could also announce some relief measures to banks to offset the effect of these negative rates on their profitability. Markets are also waiting to hear about whether the ECB will restart its QE program to offer additional support to the economy.
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