Forex Signals - Euro holds gains as traders brace for ECB meeting
Forex Signals - Euro holds gains as traders brace for ECB meeting Forex signals - TOKYO (Reuters) - The euro held onto gains against the dollar on Thursday as traders braced for a European Central Bank meeting to gauge policymakers' views on the common currency's recent appreciation and its impact on inflation. Sterling steadied above a six-week low but could face more losses due to growing concern that Britain and the European Union will fail to agree a trade deal.
Forex Signals that workWhile markets expect the ECB to keep policy steady, investors will closely watch President Christine Lagarde's comments on how the euro's rise to a two-year high this month affects the outlook for inflation and economic growth. "The ECB is this week's biggest event by far and there is a lot at stake," said Masaru Ishibashi, joint general manager of trading at Sumitomo Mitsui (NYSE:SMFG) Banking Corp. "Most recently, the ECB downplayed inflation, but I want to see how Lagarde will approach this in her press conference. This will determine which way the euro goes." The euro (EUR=D3) bought $1.1807 in Asia on Thursday, holding onto a 0.3% gain from the previous session. The British pound traded at $1.3307, recovering slightly from a dip to a six-week low of $1.2839 on Wednesday. The pound (EURGBP=D3) also pulled back from a six-week low against the euro to trade at 90.79 pence. Sentiment for cable has taken a hit after Britain unveiled draft legislation that analysts say raises the possibility of it exiting the EU single market in four months time with no trade agreement in place.
Across the Tasman Sea, the New Zealand dollar was little changed at $0.6680. Forex Signals - Euro holds gains as traders brace for ECB meeting
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