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Euro little changed at the beginning of the week

Monday, Sep 12 2016

It is a quiet Monday trade, with no major data releases. Markets are still evaluating recent ECB stanzas. For the first time in more than two years, ECB President Mario Draghi neither announced new stimulus measures nor signaled they were in the pipeline after the bank's decision to maintain its current bond-buying policy.

An easy policy environment is expected to continue for now, but recent gains in commodity prices and inflation expectations may persuade ECB officials to scale back its stimulus program -- the process known as tapering -- in the longer run, some analysts say. The ECB’s stance wasn’t entirely unexpected given the relative strength of recent economic data. Nevertheless, some economists reckon that the ECB will still have to extend its asset purchases for at least six months beyond the current March deadline.

 

Euro is currently being traded around 1.1230 level. Pair is likley to find support around 1.12 handle and resistance above 1.1270 area.

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