The European currency slipped in Asian Trade, moving away from a seven-week high period against the Greenback and a 7-1/2 month high against the yen before the ECB meeting. The European Central Bank is expected to keep rates at 0.75% in the meeting of Thursday. Investors analyze to see if the President of ECB Mario Draghi will be willing to cut borrowing costs in the future. Teppei Ino, currency analyst at the Bank of Tokyo-Mitsubishi stated the following: “Ahead of the ECB meeting, the dollar and yen are being bought back after the euro’s rise.” The outlook for the yen was discredited due to the expectations of pressure received on the BOJ (Bank of Japan) to take easing steps after the elections of 16th of December. The latest Japanese polls show Shinzo Abe as favorite to win.
Deputy of BOJ, Kiyohiko Nishimura stated on Wednesday that the ECB is likely to debate if the monetary easing in September Read more »