The euro recoiled from a four-year high against the yen on Tuesday and retreated on the dollar as dovish comments from European Central bank officials deflated the high-flying currency.
The euro slipped to 137.22 yen from a peak of 137.98, and dipped to $1.3520 from Monday’s high of $1.3561.
The moves were a small setback for the common currency, which has been recovering strongly after last Wednesday’s steep drop on a media report the ECB was actively considering cutting one of its key interest rates to negative. ECB Governing Council member Christian Noyer said on Monday interest rates have to remain low for an extended period and might go even lower if needed.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.