U.S. Markets closed
  • S&P 500

    4,471.37
    +33.11 (+0.75%)
     
  • Dow 30

    35,294.76
    +382.20 (+1.09%)
     
  • Nasdaq

    14,897.34
    +73.91 (+0.50%)
     
  • Russell 2000

    2,265.65
    -8.52 (-0.37%)
     
  • Gold

    1,768.10
    -29.80 (-1.66%)
     
  • EUR/USD

    1.1606
    +0.0005 (+0.0464%)
     
  • 10-Yr Bond

    1.5760
    +0.0570 (+3.75%)
     
  • Vix

    16.30
    -0.56 (-3.32%)
     
  • GBP/USD

    1.3751
    +0.0074 (+0.5418%)
     
  • USD/JPY

    114.2000
    +0.5230 (+0.4601%)
     
  • BTC-USD

    60,777.04
    +377.91 (+0.63%)
     
  • CMC Crypto 200

    1,464.06
    +57.32 (+4.07%)
     
  • FTSE 100

    7,234.03
    +26.32 (+0.37%)
     
  • Nikkei 225

    29,068.63
    +517.70 (+1.81%)
     

Forex Calm Before ECB meeting, Trump Pushes China Deal

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
Forex traders await European Central Bank’s policy review
Forex traders await European Central Bank’s policy review

Investing.com - Forex traders are paying close attention to the European Central Bank’s (ECB) policy review later on Thursday, to see what it will do to cushion a slowdown in the euro zone economy. Traders are also keeping an eye on U.S. President Donald Trump’s newfound eagerness to forge a final trade deal with China.

Reuters reported that some traders expect signals from the ECB of a delay in rate hikes until next year and a relaunch of long-term bank loans soon to counteract an economic slowdown.

The U.S. Dollar Index that tracks the greenback against a basket of six major currencies rose by 0.04% to 96.838 by 10:40 PM ET (3:40 AM GMT).

Hope that the trade dispute between China and the U.S. will finally come to an end boosted market sentiment.

On Wednesday, Bloomberg reported that Trump is pushing for a trade deal with China, which could help him with the 2020 re-election campaign. Investors are awaiting a final deal result that could end the year-long trade war between the world’s two biggest economies.

The Australian gained some ground against the dollar as the AUD/USD pair rose 0.15% to 0.7043.

Earlier in the week, data showed that Australian GDP grew 0.2%, below the 0.3% that had been widely expected. The slowdown in growth fuelled speculation over a possible rate cut later this year. The Australian dollar also took a hit last month after the RBA stepped back from a long-standing tightening bias.

The USD/CNY pair inched up marginally by 0.01% to 6.7104. The yuan remained supported by a possible U.S. trade deal.

On top of setting a target band for the 2019 economic growth between 6% and 6.5%, the Chinese government also said at the ongoing annual meeting of the National People's Congress that the country is cutting taxes and fees by nearly CNY2 trillion ($300 billion) to support various industries.

The People's Bank of China (PBOC) set the yuan reference rate at 6.7110 versus the previous day's fix of 6.7053.

Elsewhere, the USD/JPY pair was down 0.04% to 111.71. Soft U.S. data, the dragging Sino-U.S. trade talks and the uncertainty surrounding Brexit are contributing to a risk-off sentiment.

The USD/NZD pair was up 0.21% to 1.4739.

Besides the ECB meeting, traders are also looking to Friday’s U.S. non-farm payrolls release for February, which will point to the strength of the labor market.

Related Articles

Dollar extends losses against euro after U.S. consumer price data

Forex - Sterling Tanks on Brexit Legal Advice

Forex - Pound Rises Ahead of Key Brexit Vote; Dollar Slides