Left Menu
Development News Edition

Euro slips 1-month lows ahead of European central bank meet

Devdiscourse News Desk | Updated: 08-04-2019 14:43 IST | Created: 08-04-2019 13:09 IST
Euro slips 1-month lows ahead of European central bank meet
The pound held near a one-week low as France and the Netherlands expressed doubt about May's plan to further delay Brexit. Sterling last traded at $1.3050 for a gain of 0.1 per cent. Image Credit: Flickr

The euro sat near a one-month low hit last week as investors grew cautious about the outlook for the currency before a European Central Bank meeting this week. Traders cut their long euro positions by their biggest margin in nine months last week, according to weekly positioning data as core European bond yields entered the negative territory and as PMI data indicated a eurozone economy struggling to gain traction.

"We are seeing more euro scepticism in the market as expectations of an ECB rate hike has changed from the foreseeable future, with no firm timeline in sight," said Ulrich Leuchtmann, a currency strategist at Commerzbank in London. While the single currency was slightly higher on the day at $1.1228, it remained within striking distance of a one-month low of $1.1183 hit last week.

No policy changes are expected at this week's ECB meeting, but the press conference afterwards will be in sharp focus amid talk of tiered rates to ease pressure on banks, global recession fears and a sense of alarm that pushed 10-year German bond yields below zero per cent for the first time since 2016. Risk appetite was broadly muted across the currency markets with the yen stronger and the Australian dollar weaker as concerns about the outlook for the global economy weighed on sentiment.

The dollar was also weighed down by softening bond yields. The greenback was 0.3 per cent lower at 111.385 yen after briefly popping up to a three-week high of 111.825 on Friday following the U.S. jobs report. The Australian dollar dipped 0.1 per cent to $0.7095 in the wake of declining prices of commodities such as copper.

The pound held near a one-week low as France and the Netherlands expressed doubt about May's plan to further delay Brexit. Sterling last traded at $1.3050 for a gain of 0.1 per cent.

(With inputs from agencies.)

Download The Devdiscourse News App for Latest News.



Ayurveda for COVID 19: Professionals owe the responsibility to protect it from quacks and fake news

Indian Ayurveda professionals are lagging behind their foreign counterparts in handling quacks and protecting credentials of the Ayurveda at the time of COVID 19 pandemic. The professionals of Ayurveda cannot abjure the responsibility to co...

Education post-coronavirus: Schools to rush for more digitalization

Digital education would undoubtedly boom in the post-coronavirus world, supported by educational institutions that have discovered its efficiency during the crisis, but it is still not expected to outshine traditional classroom learning....

Public health care post-COVID 19 to go for revamping, not rebooting

Until now, the economies used to classify healthcare sector under social expenditure. However, the devastation caused by COVID 19 pandemic has upgraded public healthcare on topmost priority and core economic activity for controlling future ...

Coronavirus lockdowns to speed up long-pending revamping of supply chains

With millions of production lines impacted, business disruptions to some extent are unavoidable and the lessons learned from this turbulence will leave an everlasting impact on both global and local levels of supply chains....


Latest News

Trump completes rollback of Obama-era vehicle fuel efficiency rules

President Donald Trumps administration on Tuesday completed a rollback of vehicle emissions standards adopted under his predecessor Barack Obama and will require 1.5 annual increases in efficiency through 2026 - far weaker than the 5 increa...

Adani Enterprises wins Rs 866 cr highway project from NHAI in Madhya Pradesh

Adani Enterprises on Tuesday said it has won a Rs 866 crore highway project from National Highways Authority of India NHAI in Madhya PradeshThe project pertains to four-laning of Nanasa to Pidgaon section of NH-47 under Bharatmala Pariyojan...

COVID-19 lockdown: Cops help labourers, senior citizens

The police in Maharashtras Palghar district came to the rescue of migrant labourers, who were left stranded with no means of livelihood during the COVID-19 lockdown. The district rural police on Tuesday provided essentials to a dozen worker...

F1 teams banned from developing 2022 cars this year

Formula One teams have been barred from developing this year the new cars they will line up in the 2022 championship following a World Motor Sport Council ruling, the FIA announced on Tuesday. The move follows the decision to push back by a...

Give Feedback