The euro languished near five-week lows against the dollar on Wednesday, having come under renewed pressure as markets grow more convinced the European Central Bank will ease policy next month.
The euro inched up 0.1 percent to about $1.3715, staying within sight of Tuesday's low near $1.3688. A break below the April 4 trough of $1.3672 would take it back to levels not seen since late February.
It has slid roughly 2 percent since Thursday when ECB President Mario Draghi said the bank was ready to take action next month to boost the euro zone economy if updated inflation forecasts merit it.
This article 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 OANDA’s, its officers or directors. OANDA’s Terms of Use and Privacy Policy apply. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Recommended Content
Editors’ Picks
AUD/USD drops to 0.6650 on risk-off mood
AUD/USD has come under fresh selling pressure, dropping near 0.6650 amid broad risk-aversion-led US Dollar demand in Asian trades on Tuesday. The pair fails to find any inspiration from the RBA's hawkish Minutes. More Fedspeak awaited.
USD/JPY extends gains to near 156.50, tracking positive US yields
USD/JPY is extending previous gains to test 156.50, despite the comments from Japan's Finance Minister Shunichi Suzuki. The pair stays supported amid an uptick in the US Treasury bond yields and the US Dollar after Fed officials adopted a cautious stance on the inflation and policy outlook.
Gold price turns red amid renewed US Dollar demand
Gold price loses its recovery momentum on Tuesday after reaching a record high earlier. The lack of fresh catalysts in a quiet session in terms of top-tier economic data might limit the precious metal’s upside.
New York Attorney General reaches $2 billion settlement with Genesis after claims of fraud
After a lawsuit filed by the New York Attorney General against crypto lender Genesis in late 2023, the company reached a settlement of $2 billion with the AG on Monday.
The market-moving data this week comes from everywhere other than the US
The market-moving data this week comes from everywhere other than the US. We get inflation from the UK, Canada, and Japan, possibly shifting central bank outlooks. The Fed releases FOMC minutes on Wednesday. And we get a slew of PMI’s on Thursday.