Euro below 1.18 handle ahead of European Court of Justice

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Wednesday, Jan 14 2015

Euro continued its yesterday's decline during the morning part if the session as traders are being cautious ahead of European Court of Justice decision. The focus still remains on whether ECB will employ new QE measures at its meeting next week. A source close to the central bank has told CNBC yesterday that ECB could be ready to announce a quantitative easing (QE) program based on the contributions made from national central banks.

The source said that the central bank is planning to design a sovereign debt purchase program based on the paid-in capital contributions made by euro zone central banks. The European Court of Justice is due to announce a preliminary, non-binding ruling regarding the constitutionality of the ECB's Outright Monetary Transactions policy (OMT), in Luxembourg. This could be of an impact on ECB future monetary policy and therefore bring volatility to the markets.

Euro is currently being traded slightly below 1.18 handle . Pair is likely to find support around 1.1750 level and resistance above 1.1850 area. Later today, in the US session, Retail Sales figures are scheduled for a release.

More in this category: « Sterling stable despite despite disappointing yesterday's CPI figures Oil prices extend loses »

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