Euro Currency Rallies Before the ECB Meeting | Wibest

The Euro currency edged up yesterday against other major currencies around the globe. The EUR’s strength comes from the traders who are waiting for the meeting of the European Central Bank two days from now.

The EUR USD trading pair slightly inched up by 0.08%, or 0.0009 points, in yesterday’s trading. The pair extended its run to levels between $1.1015 and $1.1042.

The Japanese yen also slipped against the Euro currency yesterday as the EUR JPY trading pair enters positive territories in sessions. The pair was inched up by 0.11%, or 0.13 points, extending its rally from ¥117.24 to ¥118.22.

Another pair that gained is the EUR to CHF rate. The pair went up by 0.34%, or 0.0037 points, recording level from Fr1.0886 to Fr1.0932 in sessions.

The EUR to CNY exchange rate also gained some altitude in yesterday’s trading. The pair went up by 0.21% or 0.0167 points, hitting ranges from ¥7.830 to ¥7.8720 in sessions.

But aside from those promising rallies, the Euro currency still lost against the British pound sterling on Monday’s trading. The EUR to GBP trading pair contracted by 0.39%, or 0.0035 points, going down to ranges between £0.8904 and £0.9014.

ECB Effect

Euro currency traders are still on the edge of their seats as they wait for the ECB meeting. Euro traders are expecting that the central bank to release a fresh stimulus package to bolster the slugging Eurozone economy.

The European Central Bank is scheduled to have its meeting on Thursday, September 12. Heightened expectations for the ECB to ease their monetary policy comes along as other central banks taking the same easing route.

Meanwhile, analysts are divided over what to anticipate from the meeting of the European Central Bank. In June, ECB head Mario Draghi confirmed that the central bank will explore new measures to reignite the eurozone’s economy.

Whatever comes from the ECB meeting, the decision of Draghi and the European Central Bank will test the composure of policymakers around the globe.

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