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EUR/USD at 1.3570 on ECB Speculation

The euro strengthened against most major peers amid speculation the European Central Bank won’t add to monetary accommodation efforts that may push the shared currency lower.

The yen gained for the first time in four days versus the dollar after minutes of the Bank of Japan’s October meeting showed some officials saw risks to the economy. Europe’s 17-nation shared currency climbed versus the greenback as China’s central-bank governor said it was important to his nation’s reserve management and an ECB policy maker said inflation should pick up gradually. Brazil’s real fell against most major counterparts.

The ECB is “likely to defer a recommendation for the next couple of meetings, which is helping the euro today,” Charles St-Arnaud, a foreign-exchange strategist at Nomura Holdings Inc. in New York, said in a phone interview. “We’ve gotten discussions showing there’s no real consensus on what the ECB wants to do over the next few meetings.”

Bloomberg [1]

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