Tuesday, March 8, 2016

Forex Market Update : Epic Research Singapore

The euro broke above $1.10 on Monday as traders trimmed bets against the shared currency, hoping to avoid the type of brutal short squeeze that followed the European Central Bank’s December meeting when it meets again later this week.

The shared currency EURUSD, +0.0908% recently traded at $1.1016 late Monday in New York, little-changed from its late-Friday level, but off a session low of $1.0935 reached early in the day.

ECB President Mario Draghi has repeatedly hinted that the central bank would again expand its easing measures at its March meeting, which is set for Thursday.

Meanwhile, the dollar USDJPY, -0.50%  edged lower against the yen Monday, retreating back below the ¥114 level after pushing higher for most of last week. The buck traded at ¥113.31 late Monday, compared with ¥113.71 late Friday in New York.

In other currency trading, the dollar was broadly mixed against its G-10 and emerging-market rivals.

The ICE U.S. Dollar index DXY, -0.07% a measure of the currency’s strength against a basket of six rival currencies, was down 0.3% at 97.0710.

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