The euro was 0.3 percent from a 10-week low before data today that may show retail sales fell in the region amid speculation the European Central Bank will reinforce its commitment to lower rates.
The ECB will probably hold the benchmark interest rate at a record-low 0.25 percent at its policy meeting tomorrow as it faces slowing inflation, according to economists surveyed by Bloomberg News. The yen remained lower following its biggest decline in three weeks as a rally in emerging-market currencies damped demand for haven assets.
“The euro is on a path of gradual declines,” said Kikuko Takeda, a senior analyst in London at the Bank of Tokyo-Mitsubishi UFJ Ltd., a unit of Japan’s biggest bank by market value. “The ECB will eventually add to monetary easing, or even if there’s no additional step, it will continue to signal its dovish stance to markets.”
Content 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 Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at email@example.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.