RTTN:Euro Rises As ECB Monthly Bulletin Confirms Forward Guidance On Rates
The euro advanced against other major currencies in European deals on Thursday, after the European Central Bank's monthly bulletin said that its governing council affirmed stance for accommodative monetary policy as long as necessary.
The central bank expects the key interest rates to remain at present or lower levels for an extended period of time, the ECB October bulletin showed.
The output is expected to recover at a slow pace, mainly due to a gradual improvement in domestic demand supported by the accommodative monetary policy stance.
The euro advanced to 1.3533 against the greenback, up from an early low of 1.3488. The euro may possibly seek resistance at the 1.365 level.
The euro strengthened to a 6-day high of 132.39 against the yen, compared to Wednesday's closing quote of 131.65. The next likely upside target for the euro is seen around the 134.00 area.
Recovering from an early low of 0.8466 against the pound, the euro spiked up to a fresh 5-week high of 0.8494. Further bullish trend could help the euro to face resistance at the 0.855 level.
The euro rose back to 1.2319 against the franc, nearing its Asian session's more than 2-week high of 1.2323. On the upside, the euro may find resistance around the 1.238 level.
