Euro managed to preserve ground against the US dollar on Thursday, being close to session high after the European Central Bank (ECB) decided to leave its monetary policy without change at todays meeting.
EUR/USD pair reached 1.3131 during late European trade, session high for the moment and highest since May 9th, after which consolidation followed at 1.3115. The pair was still up by 0.22% for the day. Support was expected at 1.3074, session low for today, while resistance was to be met at May 9th high, 1.3175.
In consonance with investors expectations, the European Central Bank did not introduce a change in its base interest rate. ECB President Mario Draghi left interest rate at 0.50% after it was decreased by 0.25% at central banks last meeting. Draghi will take a statement on monetary policy at the upcoming press conference. New economic forecast, regarding the single currency zone will be suggested. According to latest projections, Euro zones economy would shrink by 0.5% this year. At his speech in Shanghai the ECB President said that he expected a gradual economic recovery in the Euro zone later in 2013. ECB projected that economy in the region would revitalize in 2014.
Meanwhile, the dollar remained under pressure after US private sector jobs data on Wednesday diminished expectations for a strong recovery. US non-farm private sector added 135 000 jobs during May, below the expected 165 000.
The euro pulled back from two-week low versus the British pound, as EUR/GBP dropped by 0.06% to 0.8491. The pair went even lower, to 0.8480 earlier today, after Bank of England left base interest rate unchanged at a record low level of 0.5% and kept the scale of its bond purchases intact at 375 billion GBP.
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