Euro, Dollar, Chinese Yuan, and Other Major Currencies

Euro, Dollar, Chinese Yuan, and Other Major Currencies

Let us check what is the situation with the euro. Minori Uchida works at MUFG Bank. He is a chief currency analyst there. Uchida said that the yen appreciates when stocks become unstable. What happens as a result is that the yen and stronger dollar bump into each other. Thus, it means that other currencies could weaken.

This week’s focus will be on the European Central Bank’s policy decision on Thursday. Most analysts do not expect a change in policy stance. Nevertheless, they are focusing on the message that the European Central Bank will deliver on its inflation forecasts.

The euro marked a two-year high at the starting of the month. After that comes, the European Central Bank meeting comes.

Executive board member Philip Lane said last week tat the appreciation of the euro ‘does matter’ for monetary policy. After that, the euro quickly retraced. Thus, highlighting the potential for further easing from the bank.

Euro and Others

On Monday, the euro stood at $1.1834.

The British sterling decreased by 0.34% to $1.3235. Thus, it retreated from its highest level in almost a year on fears over a no-deal Brexit.

There is a United Kingdom-European Union negotiations impasse. Thus, the chance of a no-deal Brexit has risen sharply. It is because Britain’s insistence has threatened negotiations that it has full autonomy over its state aid plans.

On Monday, United Kingdom Prime Minister Boris Johnson’s office released comments. The office said that Britain had set a deadline of October fifteen. Moreover, they added if none of the free-trade deal is agreed, both sides should ‘accept that and move on.’

The United States dollar traded at 106.28 against the yen.

On the data front, the United States has consumer price data on Friday and producer prices on Wednesday. Meanwhile, the consumer prices of China will be released on Wednesday.

Customs data on Monday indicated that China’s exports marked the most substantial gain since March 2019.

That is current news concerning the euro and other currencies.

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