EUR/USD around 1.3750 ahead of ECB Speeches

The euro traded near the lowest level in a month versus the dollar before speeches today by European Central Bank officials Vitor Constancio and Ewald Nowotny.

The single currency held its biggest weekly decline since March after ECB President Mario Draghi signaled last week the central bank will ease next month. The yen fell after data showed Japan’s current account surplus shrank more than economists forecast. An index of dollar strength headed for its highest close since May 1.

“The market’s of the mind that they’ll probably stimulate further,” said Imre Speizer, a market strategist at Westpac Banking Corp. in Auckland, referring to ECB policy makers. “Euro will, I think, maintain that downward pressure right up till the next ECB meeting in June.”


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