Mon. Sep 28th, 2020

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Euro starts well

1 min read

The euro held onto gains against the dollar on Thursday as traders braced for a European Central Bank meeting to gauge policymakers’ views on the common currency’s recent appreciation and its impact on inflation.

Sterling steadied above a six-week low but could face more losses due to growing concern that Britain and the European Union will fail to agree a trade deal.

While markets expect the ECB to keep policy steady, investors will closely watch President Christine Lagarde’s  comments on how the euro’s rise to a two-year high this month affects the outlook for inflation and economic growth.

“The ECB is this week’s biggest event by far and there is a lot at stake,” said Masaru Ishibashi, joint general manager of trading at Sumitomo Mitsui Banking Corp.

The euro bought $1.1807 in Asia on Thursday, holding onto a 0.3% gain from the previous session.

The British Pound traded at $1.3307, recovering slightly from a dip to a six-week low of $1.2839 on Wednesday.

The pound also pulled back from a six-week low against the euro to trade at 90.79 pence.

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