Euro Advances As ECB Draghi Lifts Inflation, Growth Forecasts

Fecha : 14/12/2017 @ 04:04
Fuente : RTTF2
Emisora : Euro (B) VS Canadian Dollar Spot (Eur/Cad) (EURCAD)
Cotización : 1.50992  0.006015 (0.40%) @ 08:26
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Euro Advances As ECB Draghi Lifts Inflation, Growth Forecasts

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The euro climbed against its key counterparts in the European session on Thursday, after the European Central Bank President Mario Draghi lifted the inflation and growth forecasts for the euro area citing higher oil and food prices.

In his customary press conference, Draghi acknowledged that strong cyclical momentum and the significant reduction of economic slack give greater confidence that inflation would converge towards the ECB's inflation aim.

The ECB is ready to provide continued monetary support by the additional net asset purchases that had been decided at the October monetary policy meeting, by the sizeable stock of acquired assets and the forthcoming reinvestments, and by bank's forward guidance on interest rates, he said.

The ECB retained inflation forecast for this year at 1.5 percent. For 2018, the inflation is seen at 1.4 percent, up from its prior forecasts of 1.2 percent.

At its monetary policy meeting, the Governing Council left the interest rates on the main refinancing operations, the marginal lending facility and the deposit facility unchanged at 0.00 percent, 0.25 percent and -0.40 percent, respectively.

Flash survey data from IHS Markit showed that Eurozone private sector activity expanded at the fastest pace in nearly seven years in December.

The headline composite output index climbed to an 82-month high of 58.0 in December from 57.5 in November. Meanwhile, the index was expected to fall to 57.2.

The single currency continued to be higher against the greenback, touching a 9-day high of 1.1863. The pair closed Wednesday's deals at 1.1826. The euro is seen finding resistance around the 1.20 region.

The euro that closed Wednesday's trading at 133.07 against the Japanese yen climbed to a 2-day high of 133.76. If the euro extends rise, 136.00 is likely seen as its next resistance level.

Data from the Ministry of Economy, Trade and Industry showed that Japan's industrial production rebounded as initially estimated in October.

Industrial production rose a seasonally adjusted 0.5 percent month-over-month in October, reversing a 1.0 percent decline in September. That was in line with the flash data published on November 29.

Following a 3-day low of 0.8780 hit against the pound at 4:30 am ET, the euro reversed direction and climbed to 0.8833. The pair closed Wednesday's trading at 0.8813. The currency is poised to target resistance around the 0.90 mark.

Figures from the Office for National Statistics showed that retail sales volume climbed 1.1 percent on a monthly basis in November, with strong contribution from households goods stores. This was the biggest increase since April, when sales advanced 1.9 percent.

Sales were forecast to grow marginally by 0.4 percent after expanding 0.5 percent in October.

The euro resumed its early rally against the Swiss franc, hitting a 6-day high of 1.1705. The euro ended Wednesday's trading at 1.1653 against the Swiss franc. Further uptrend may take the euro to a resistance around the 1.18 level.

The Swiss National Bank maintained its expansionary monetary policy stance, saying it will remain active in the foreign exchange market as necessary although the currency weakened against the euro and the US dollar.

The interest rate on sight deposits at the SNB was retained at -0.75 percent and the target range for the three-month Libor was kept unchanged between -1.25 percent and -0.25 percent, the bank said in a statement.

The 19-nation currency spiked up to 1.5227 against the loonie, its highest since December 1. The euro-loonie pair was worth 1.5153 at Wednesday's close. Next key resistance for the euro is seen around the 1.54 mark.

The euro appreciated to a 2-day high of 1.6966 against the kiwi, compared to 1.6836 hit late New York Wednesday. The euro is likely to target resistance around the 1.72 mark.

The euro briefly recovered to 1.5484 against the aussie, from more than a 4-week low of 1.5416 set in early European session.

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