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28 January 2018, 12:34 | Ruby West
Surprise Uptick in UK Earnings Dents Euro to Pound (EUR/GBP) Exchange Rate
His task was made even more delicate overnight when top US officials made their case for a weak dollar, sending the greenback to a three year low against the euro and raising fears of renewed trade wars. "US Treasury Secretary Mnuchin's latest comments clearly signalled a shift in the US forex policy, reinforcing negative dollar sentiment", he told AFP.
"In other words, he said very little really, but he said it under snow-plastered slopes and he was speaking to a market where dollar bulls have been under the cosh". The higher euro can become a headache for Europe as it can hurt its exporters and weigh on inflation, which is already worryingly low.
His comments were optimistic and this helped to underpin the the single currency, lifting the Key EUR/USD exchange rate to above 1.25.
The interest rates were left unchanged by the European Central Bank, while net monthly asset purchases were maintained at euro 30 billion until "the end of September 2018, or beyond, if necessary".
"The ECB refrained from aggressively pushing back against the strength of the euro at their monetary policy decision.but also warned the USA against opening a Pandora's box of competitive devaluation", said William Adams, senior global economist at the PNC Financial Services Group.
And, with European Central Bank president Mario Draghi having a fine line to tread amid an expanding economy and stronger euro, his statement and the Q&A session which will follow it, are widely anticipated by investors and market watchers.
This week's bank meeting, he said, did not discuss tapering bond purchases.
There is growing expectation that the program for quantitative easing will end after September.
He spoke after the European Central Bank left its massive financial stimulus for the eurozone economy in place, opting not to rock the boat after Mnuchin's comments.
"The euro's strong performance at the start of 2018 has been aided by upbeat" economic data, said Stamenkovic at NFS Macro.
The bank left its key short-term interest rate benchmark unchanged at a record low of zero.
Part of his holding pattern approach, Draghi also kept the bank's guidance unchanged, maintaining a promise to continue asset buys until a sustained rebound in inflation, even after policymakers agreed in December to begin work in early 2018 to draft a new guidance.
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