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Euro little changed in a quiet Monday trade

Monday, Apr 18 2016
There were no data releases from Eurozone today. The European Central Bank is unhappy with the US dollar’s recent fall but accepts it as a natural consequence of the Federal Reserve’s cautious economic outlook and sees no reason to act to weaken the euro, three ECB sources said. A weaker dollar — it has shed 4 percent against the euro since the beginning of March and 6 percent in the past year — is reducing imported inflation in the euro zone, making it harder for the ECB to boost prices after repeated bouts of negative inflation. 
But with many big central banks easing monetary policy to stimulate sluggish economies, policymakers risk getting into costly currency wars, one ECB official said. “We have to accept that the exchange rate channel is not working like it used to,” said an ECB insider who asked not to be named. With the Fed’s lowered rate path comes a weaker dollar and we need to avoid even the impression that we’re targeting the exchange rate.”
 
Euro is currently being traded few points below 1.1310 level. Pair is likely to find support around 1.1250 handle and resistance above 1.1330 level. There will be no data releases in the rest of the session.
More in this category: « Aussie fell as deal to freeze oil production failed Brexit in a focus with no data releases from the UK »

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