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Euro firms against dollar on ECB stimulus expectations

更新日期:2015-01-22  浏览:1926


By AFP | 22 Jan, 2015, 10.31AM IST

NEW YORK: The euro firmed against the dollar Wednesday as the market expected the European Central Bank would launch its first full-scale asset-purchase program on Thursday to prop up the ailing eurozone. 

Omer Esiner said the greenback was on the defensive ahead of the ECB meeting after rallying to an 11-year peak against the euro from late last week. 

"With expectations for additional policy easing by the ECB tomorrow currently so high, any disappointment in the result could see a violent rally in the euro as investors rush to cover short positions in the single currency," Esiner said. 

According to analysts at UniCredit, the market is expecting the ECB to unveil a program of quantitative easing worth between 500 and 800 billion euros. 

The euro rose 0.5 percent from Tuesday to $1.1607. Christopher Vecchio at DailyFX said the volatility in the forex market
 Wednesday. The Bank of Japanlowered its inflation forecast and raised its growth outlook for the world's third-largest economy after a two-day meeting, pushing the yen higher against the dollar and the euro. 

The Bank of Canada, in a surprise move, cut its key interest rate to 0.75 percent from 1.0 percent, the first change in Canadian rates in four years.

"This decision is in response to the recent sharp drop in oil prices, which will be negative for growth and underlying inflation in Canada," the
 Bank of Canada said. 

The Canadian dollar weakened against the dollar, which fetched CAN$1.2340 compared with less than CAN$1.20 late last week.

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