EUR/USD Approaches 1.38 Again Before Draghi

The euro held a seven-day gain against the dollar that matched its longest rally since April 2011, before European Central Bank President Mario Draghi speaks in the European Union parliament today.

The shared currency traded near a six-week high ahead of data today forecast to show a rebound in euro-area industrial production. The greenback snapped a two-day decline against the yen as investors weigh U.S. data ahead of next week’s Federal Reserve meeting. Australia’s dollar fell after unemployment rose to match the highest level since 2009.

“Euro has been solid,” said Junichi Ishikawa, an analyst at IG Markets Securities Ltd. in Tokyo. “The euro selling has abated as the concern for disinflation in the region and additional ECB easing have receded.”

Bloomberg

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