The euro has been experiencing some ups and downs against its major currency counterparts on the Forex charts this week. The single currency was bearish against the dollar during yesterday’s trading, reaching an intraday low of 1.3493, after dropping to its weakest level since 29 January of1.3462 on 5 February.
Despite having a low start of the trading day on Thursday, the euro managed to edge a bit higher against most major currency rivals and it was trading at 1.3567 at the time of writing, up 46 pips from its opening price.
The hesitant movements of the euro are attributed to the fact that today all market makers are focused on the ECB interest rate decision.
Although market makers expect the ECB to keep the interest rate of 0.75% unchanged, they are cautious about President Mario Draghi‘s analysis on euro’s recent gains and the potential effect it might have on the region’s economic recovery.
The ongoing positive signs of Euro zone economic resurgence have been supporting the euro in the first month of the year and helping its gains against the dollar.
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