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U.S. Dollar is Steady before ECB Meeting

The dollar was steady against major currencies in Asia on Thursday, as traders refrained from aggressive bets before the European Central Bank’s policy council meeting later in the day.

Better-than-expected economic data from Australia and China, coupled with some recovery in Japan’s stock market after Wednesday’s heavy loss, weren’t enough to improve risk sentiment and trigger broad yen selling.

Traders instead shifted their focus to the ECB’s meeting outcome and subsequent remarks by ECB President Mario Draghi, although no fresh easing is expected.  “No action from the meeting is the consensus,” said Toshiyuki Umekawa, vice president of the forex division at Mizuho Bank. “If that’s true, the euro will likely test the upside soon after the rate announcement.”

WSJ [1]

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