The
euro held yesterday’s gain against most major peers before European Central
Bank policy makers meet today amid speculation the region’s economy isn’t
fragile enough to warrant an interest-rate cut.
The
euro yesterday halted a five-day drop against nine developed market counterparts
tracked by Bloomberg Correlation Weighted Indexes, with ECB President Mario
Draghi scheduled to speak after the bank’s decision. A gauge of U.S dollar
strength remained lower, after falling yesterday, before data that may show an
expansion in U.S. gross domestic product slowed last quarter. Australia’s
dollar dropped against its 16 major peers after employment rose less than
economists predicted.
The
euro traded at $1.3503 at 9:54 a.m. in Tokyo, after yesterday rising 0.3
percent to $1.3513. The common currency fetched 133.29 yen from 133.31. The
dollar was little changed at 98.72 yen. The Bloomberg U.S. Dollar Index, which
tracks the greenback against 10 major currencies, was at 1,014.84 after
dropping 0.3 percent to 1,013.48 yesterday.
The
ECB will leave its main refinancing rate at a record low 0.5 percent today,
according to 67 of 70 economists surveyed by Bloomberg News. Bank of America
Corp., Royal Bank of Scotland Group Plc and UBS AG predict the central bank
will reduce borrowing costs by 25 basis points.
(Source: Bloomberg)
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