Currencies: the euro at a new low in eleven and a half years against the … – Romandie.com

Currencies: Euro to a new low in eleven and a half years against the dollar

London (awp / afp) – The euro fell against the dollar on Thursday, falling to a new low in eleven years and a half, unable to sustain a short rally fueled by comments considered encouraging the President of the European Central Bank (ECB) Mario Draghi on the economic outlook in the eurozone.

Around 2:05 p.m. GMT (3:05 p.m. CET), currency European single dollar was worth 1.1007, a new low since early September 2003, 1.1080 against the dollar Wednesday around 2200 GMT.

The euro was stable against the yen at 132.31 yen – after reaching 132.15 yen at 6:40 GMT, its lowest level in a month. – against 132.63 yen Wednesday

The dollar rose against the Japanese currency to 120.15 yen against 119.70 yen yesterday.

At first, when Mr. Draghi started his speech with remarks prepared in advance, the euro tried to recover.

“Mr. Draghi puts an optimistic message on the outlook for the economy and borrowing conditions, “fell Kathleen Brooks, an analyst at Forex.com.

Thus,” the euro again hoisted above 1.1100 dollars after raising upward growth forecasts and inflation for 2016 “by the European Central Bank, observed Michael Hewson, analyst at CMC Market.

Indeed The ECB raised its growth forecasts for 2015 and 2016, respectively 1.5% and 1.9%, and raised its forecast for inflation in 2016 to 1.5%.

But the single currency has failed to consolidate gains, always weighted by the asset purchase program of the ECB, announced in late January.

This program of “quantitative easing” or “QE “as an acronym for its name in English” quantitative easing “, provides for the repurchase of approximately 1.14 trillion euros of public and private debt by September 2016, at the rate of 60 billion per month in order to boost the very low price dynamics in the euro area.

These purchases will commence on 9 March, Mr Draghi said Thursday, and will continue beyond September 2016 as inflation will not be a permanent basis on the path of the target level of 2%.

Thus, “many observers expect that the program will continue well after the date of September 2016 announced by Draghi and suddenly the fact that this program will have the least impact is debate, “commented Dennis de Jong UFX.com.

This program is intended to stimulate economic activity in the euro zone, resulting in liquidity injections in the financial system, which has the side effect of diluting the value of the single currency.

In addition, traders opted for caution in a renewed uncertainty about the economic outlook in Greece.

Mr. Draghi has stressed that emergency loans to Greece were extended while hammering that the ECB could not buy debt of the country today.

“The euro-dollar pair is close to the threshold psychological $ 1.10 per euro, and a passage below would open the way for a more sharply, up $ 1.07 in the next three months, “Al-Nour abounded Hammoury analyst ADS Securities .

Meanwhile, the dollar was popular because investors believe that the overall good performance of the US economy could push the US Federal Reserve (Fed) to raise rates in mid-2015, make it more profitable dollar, and thus more attractive to investors.

Traders awaited the publication Friday of official monthly report for February on employment and unemployment in the United States, a major indicator to gauge the strength of the recovery in the world’s largest economy.

Around 2:05 p.m. GMT, the British pound rose against the single European currency, to 72.22 per euro, its strongest level since late December 2007 but fell against the dollar at 1.5242 dollar for a book.

The Swiss franc fell against the euro at 1.0670 francs per euro, as against the greenback at 0 , 9687 francs to the dollar after reaching to 9:10 GMT 0.9697 franc, a new low since January 15, when the Swiss currency had risen to a record high in three and a half years against the greenback.

The Chinese currency finished at 6.2662 yuan to the dollar, against 6.2662 yuan yesterday.

The ounce of gold finished at 1199.75 dollars in auctions in the morning against 1199.50 dollars Wednesday night.

Course Thursday Wednesday rates

2:05 p.m. GMT 2200 GMT

EUR / USD 1.1007 1.1080

EUR / JPY 132.31 132.63

EUR / CHF 1.0670 1.0678

EUR / GBP 0.7222 0.7258

USD / JPY 120.15 119.70

USD / CHF 0.9687 0.9636

GBP / USD 1.5242 1.5266

afp / rp

(AWP / 03.05.2015 3:34 p.m.)

(AWP / 03.05.2015 3:34 p.m.) ^ ->
 

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