Forex Daily

The euro fell this morning against a hat full of currencies as traders await the latest European Central Bank (ECB) interest rate policy decision, to be released later today. Analysts are predicting that the ECB will cut rates by 25 basis points to a record low of 1 percent and announce new strategies for bolstering the euro zone economy.

The euro ended the session 0.2% down against the sterling at 87.88p, after hitting a 3 month low of 87.65p before gaining slightly at the end. The euro was also 0.4% down against the dollar at $1.326 after hitting a 4 week high against the greenback on Tuesday.

Meanwhile, the Australian dollar rose to a 7 month high, as new data showed that Australian employment rose in April, casting doubt on the need for further rate cuts in the region.

This entry was posted on Thursday, May 7th, 2009 at 9:17 am and is filed under Euro, Forex News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.