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Euro lower in an uneventful Thursday trade

Thursday, May 05 2016
There were no data releases from Eurozone today, with euro edging lower after recent gains. Many analysts believe that further strength will be capped by the prospect of ECB intervention and of foreign investors selling off eurozone assets. Despite the rally, many analysts are standing by long standing predictions that the euro will hit parity with the dollar by the end of this year. The euro’s gains come despite unprecedented stimulus from the ECB, which needs a lower currency to help stoke inflation. 
The currency’s next moves will influence monetary policy in the coming months, while providing a pointer on future earnings for some of Europe’s biggest companies. Though the ECB says it doesn’t target foreign exchange rates, it needs a weaker currency to push up the Eurozone’s low inflation. The central bank’s now expects inflation of just 0.3% this year, below its target of around, but below, 2%.
 
Euro is currently being traded few points below 1.1440 level. Pair is likely to find support around 1.14 handle and resistance above 1.15 level. Later today, in the US session, Unemployment Claims figures will be released.
More in this category: « UK Services PMI fell to 52.3 in April Unemployment Claims up to 274,000 »

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