The Euro currency holds its ground on Monday’s trading sessions as traders await the ECB meeting this week. The euro market is expecting policymakers to deliver fresh stimulus to support the faltering regional economy.
Expectations from the European Central Bank ease comes as other major central banks go to loosen their own monetary policies. However, the exact framework and composition of the ECB’s stimulus measure are still unclear.
Dovish policymakers from southern Europe and hawkish policymakers from northern Europe are clashing for the direction of the Euro currency.
One of the fundamentals that are in focus in the euro market is the data from the German exports report. The German data is due to release later today, and the result will provide crucial information about the health of the eurozone and global economy.
The pressure was added to the ECB when the People’s Bank of China also eased on the yuan’s monetary policies on Friday. Meanwhile, the traders’ concern about the effectiveness of the ECB’s measures prevents the EUR from gaining altitude on sessions.
The euro currency is clinging on to its gains on sessions, refusing to go down to negative territories against other major currencies on today’s trading.
The EUR USD exchange rate inched up by 0.11%, or 0.0013 points, trading for $1.1039 against its last close $1.1027. The pair was extended its rally to ranges between $1.1015 and $1.1040 in Monday’s trading.
The EUR to CHF trading pair also rallied by 0.38%, or 0.0041 points, in trading sessions. The pair currently trades Fr1.0928 compared to its previous of Fr1.0887.
And the EUR to JPY exchange pair also went up by 0.212%, or 0.26 points, trading for ¥118.16. The pair extended its gains from ¥117.74 to ¥118.22 in Monday’s trading sessions.
Meanwhile, the Euro currency lost against the British pound sterling in today’s sessions. The EUR to GBP trading pair went down by 0.26%, or 0.0023 points, recording levels from £0.8926 to £0.9014 in sessions.
Read more: Euro Currency Rallies Before the ECB Meeting