The Euro remained close to a 10-day trough versus the US Dollar as investors ponder a looming policy meeting for the European central Bank. Analysts believe that the ECB is likely to hint at the possibility of additional easing before the year’s end, which would be the latest attempt to jumpstart a flailing Eurozone economy. Mario Draghi, the ECB chief, will hold a press conference after the policy announcement and his rhetoric could push the Euro broadly lower. Analysts and bankers’ forecasts are calling for the EUR/USD pair to hit parity before next year, especially given that the ECB has been injecting some €60 billion a month into the Eurozone economy.
As reported at 11:51 am (BDT) in London, the EUR/USD was trading at $1.1333, a loss of 0.02%; the pair ranged from $1.1327 at the low end to $1.1385 at the high. The EUR/JPY was trading at 135.31 Yen, a loss of 0.16% in volatile trading; the pair’s daily high was 135.9380 Yen and the low was 135.2410 Yen. The EUR/GBP was 0.7328 Pence, down 0.37%, only a few pips from the session low.
Aussie Strengthens as China Data Surprises
In Asia, the Aussie Dollar strengthened against the greenback after GDP growth data in China came in stronger than expected. According to the National Bureau of Statistics China, 3rd quarter growth (year-over-year) came in at 6.9% slightly beating expectations. The AUD/USD strengthened to $0.7288, a gain of 0.34%; the pair had traded at a session high of $0.7306.