OctaFX | OctaFX Forex Broker
Open trading account

EUR: Will the ECB ease further? – MUFG

FXStreet (Delhi) – Lee Hardman, Currency Strategist at MUFG, notes that the euro has strengthened modestly following the release of the latest euro-zone PMI surveys and comments from ECB President Draghi yesterday which failed to reinforce expectations for further ECB monetary easing in the near-term.

Key Quotes

“The latest euro-zone composite PMI survey revealed that business confidence declined marginally by 0.4 point to 53.9 in September. However, the average reading during the current quarter has remained relatively stable increasing by 0.1 point to 54.0 in Q3 from 53.9 in Q2.”

“The survey is signalling that the modest pace of economic recovery in the euro-zone has likely continued in the current quarter. It is in line with the ECB’s updated projections which expect economic growth to continue at a similar pace in the second half of this year to in the first half of this year. As a result, they survey has not reinforced building expectations for further ECB easing in the near-term which have been weighing modestly on the euro early this week.”

“The ECB has moved closer to easing policy further, although the case for further easing is not yet immediate.”

NZD: Bounced from 6-yr lows – TDS

Prashant Newnaha, Rates Strategist at TD Securities, suggests that NZD has posted the best performance today, +0.4%, bouncing off 6yr lows following the better-than-headline trade deficit and Fonterra payout upgrade.
Read more Previous

European Monetary Union Targeted LTRO down to €15.5B from previous €73.8B

European Monetary Union Targeted LTRO down to €15.5B from previous €73.8B
Read more Next
Start livechat