- Asian session review: euro rises against most currencies in anticipation of ECB meeting
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Asian session review: euro rises against most currencies in anticipation of ECB meeting
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 01:00 | Australia | Consumer Inflation Expectation | September | 3.3% | 3.1% | |
| 06:45 | France | Industrial Production, m/m | July | 13% | 5% | 3.8% |
The euro is strengthening against most currencies ahead of the European Central Bank (ECB) meeting.
Experts do not expect the ECB to adopt new stimulus measures at its meeting on Thursday, but believe that the Central Bank can set the stage for easing policy later this year. "The September meeting will be a passing one, and it is worth waiting for action from the ECB later," the BofA review notes.
According to BofA experts, the ECB may increase the volume of the Pandemic Emergency Purchase program (PEPP) by 500 billion euros in December, which currently amounts to 1.35 trillion euros, and extend this program until the end of 2021.
Economists expect the ECB on Thursday to comment on the recent strengthening of the euro and possibly note the need to monitor the dynamics of the currency exchange rate.
The ICE index, which tracks the dynamics of the US dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona), fell 0.14% during trading.
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