Euro stronger, market wait for euro-area reports

Posted 31 July, 2018

The euro has increased on Tuesday driven by the anticipated GDP and euro-area inflation reports.

The euro-to-US dollar exchange rate went up to 1.1727, following the Monday strengthening. Positive dynamics was recorded in the euro-to-yen rate, which reached 130.74.

The euro-area is expected to post slower GDP growth in Q2, while the core inflation is likely to remain unchanged.

Meanwhile, the US Dollar Index decreased to 94.09. 

The US dollar-to-yen rate improved to 111.49. 

After the monthly meeting, the Bank of Japan decided to keep record low interest rate. However, the bank slightly revised asset-buying programme, though earlier it had planned more aggressive moves. The monetary changes are coming in line with the new BOJ outlook saying that it will require more time to hit the target 2% inflation. 

For now, the market is waiting for the US Federal Reserve reports. According to the forecasts, the regulator can indicate the third revision of the interest rate in 2018 to be made in September.

As for other major currencies, the sterling rebounded against the greenback to 1.3157 but weakened against the euro to 0.8912. The Australian dollar rose to 0.7423 against its American counterpart and New Zealand currency decreased to 0.6818.

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31 July, 2018 14:20

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