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EURAUD Euro vs Australian Dollar

1.65584
-0.0021 (-0.12%)
Last Updated: 16:37:51
Delayed by 15 minutes
Name Symbol Market Type
Euro vs Australian Dollar FX:EURAUD Forex Exchange Rate
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  -0.0021 -0.12% 1.65584 1.65575 1.65593 1.66258 1.65472 1.65779 0 16:37:51

Euro Declines After ECB Draghi Dismisses Pickup In Inflation

19/01/2017 10:12am

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The euro slipped against its major opponents in early New York deals on Thursday, after the European Central Bank President Mario Draghi remarked that there are no indications of sustainable inflation as of yet as the recent pickup in headline inflation is primarily being driven by higher energy prices.

"There are no signs yet of a convincing upward trend in underlying inflation," Draghi told at post-decision press conference in Frankfurt.

"Headline inflation is likely to pick up further in the near term, largely reflecting movements in the annual rate of change of energy prices. However, measures of underlying inflation are expected to rise more gradually over the medium term," he added.

Draghi noted that utmost substantial degree of monetary accommodation is needed for euro-area pressures to build up and to support headline inflation in medium-term.

The 25-member Governing Council kept its main refinancing rate at zero, and the deposit rate at minus 0.4 percent at its policy session in Frankfurt. The marginal lending facility rate was held at 0.25 percent.

The bank also retained its asset purchases of EUR 80 billion a month till March and to continue them at a reduced size of EUR 60 billion a month till December 2017.

In other economic news, data from the European Central Bank showed that the euro area current account surplus reached a record high level in November.

The seasonally adjusted current account surplus rose to EUR 36.1 billion in November from EUR 28.3 billion in October.

The euro has been trading in a negative territory in the European session, with the exception of the Japanese yen.

The euro depreciated to 0.8618 against the pound, its lowest since January 9. Continuation of the euro's downtrend may see it challenging support around the 0.84 level.

The euro weakened to a 2-day low of 1.0601 against the greenback, reversing from a high of 1.0677 hit at 8:00 am ET. The euro is poised to find support around the 1.04 mark.

Data released by the Labor Department showed that first-time claims for U.S. unemployment benefits unexpectedly declined in the week ended January 14th.

The report said initial jobless claims fell to 234,000, a decrease of 15,000 from the previous week's revised level of 249,000.

Following an 8-day high of 122.45 hit at 8:30 am ET versus the yen, the euro retreated to 121.84 in a short while. The next possible downside target for the euro-yen pair may be found around the 120.00 zone.

The euro reversed from an early high of 1.0731 against the Swiss franc, easing back to 1.0707. The currency is heading to pierce its early 2-week low of 1.0698. Further downtrend may take the euro to a support around the 1.06 area.

Data from the the Federal Statistical Office showed that Switzerland's producer and import prices remained unchanged at the end of the year.

Producer and import prices held steady on a yearly basis in December, confounding expectations for an increase of 0.1 percent.

The 19-nation currency slid to a 1-1/2-year low of 1.4028 versus the aussie and a near a 5-week low of 1.4772 against the kiwi, off its early high of 1.4178 and a multi-day high of 1.4927,respectively. The next possible support levels for the euro are seen around 1.45 against the kiwi and 1.39 against the aussie.

Pulling away from nearly 3-week high of 1.4189 against the loonie, the euro eased back to 1.4073. On the downside, 1.39 is likely seen as the next support level for the euro-loonie pair.

Looking ahead, U.S. crude oil inventories data is due shortly.

At 3:45 pm ET, San Francisco Fed President John Williams is expected to speak before the Solano Economic Development Corporation Annual Luncheon Meeting, Fairfield, United States.

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