Euro nears 21-month low after dovish ECB and ahead of U.S. jobs data
TOKYO - The euro wallowed close to a 21-month low against the dollar on Friday, hurt by a series of dovish signals from the European Central Bank, and the currency market braced for further volatility ahead of U.S. jobs data later in the day.
The euro’s big hit on Thursday came as the ECB pushed back the timing of its first post-crisis interest rate hike to 2020, cut its economic forecasts and launched a new round of cheap bank loans. “Whether the dollar can remain on an uptrend in the long-term is debatable, but for now a strong U.S. jobs report would provide further boost for the currency,” said Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo.
The dollar “is head and shoulders above peers, but this also means that it is the currency most susceptible to potential adjustments,” said Daisuke Karakama, chief market economist at Mizuho Bank.
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