Euro On Backfoot After Report Of Dovish ECB Views; China Data Awaited

www.oann.com | 5/3/2018 | Staff
entengo (Posted by) Level 3
TOKYO (Reuters) – The euro sagged early on Wednesday following a report that some European Central Bank policymakers have expressed dovish views, with the market awaiting Chinese economic data for further cues.

The euro was little changed at $1.1284 after slipping about 0.2 percent overnight to pull away from a 2-1/2-week high of $1.1324 scaled on April 12.

Currency - Pressure - Reuters - Sources - Knowledge

The single currency came under pressure after Reuters quoted four sources with direct knowledge of discussions that several European Central Bank policymakers think the ECB’s economic projections are too optimistic as economic weakness in China and trade tensions linger.

“It remains to be seen whether the ECB policymakers wanted to check the euro’s recent advance. But the macro environment is not conducive for the euro to keep appreciating when the euro zone economy still remains shaky,” said Shin Kadota, senior strategist at Barclays in Tokyo.

Dollar - Index - Basket - Currencies - Percent

The dollar index against a basket of six major currencies was steady at 97.073 after gaining 0.1 percent overnight thanks to the flagging euro.

A bounce in long-term U.S. Treasury yields to a four-week high in the wake of equity gains on Wall Street also supported the greenback.

Market - Focus - Batch - Chinese - Data

The market’s immediate focus was on a batch of Chinese data due at 0200 GMT,...
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