Major currencies mostly stuck to tight ranges on Thursday as traders focused the...
TOKYO - Major currencies mostly stuck to tight ranges on Thursday as traders focused their attention on the European Central Bank’s policy review later in the day, while the Australian and Canadian dollars struggled near two-month lows.
The ECB is expected to cut growth forecasts and is likely to provide its strongest signal yet that stimulus is coming in the form of more cheap long-term bank loans to fight an economic slowdown. “Though I think there is a likelihood there may be a chance to their forward guidance, that also has been already priced to some extent,” he said.
The Aussie hit a fresh two-month low of $0.70205 after data showed retail sales rose 0.1 percent in January, missing expectations for a 0.3 percent increase. The yen and the Swiss franc, both perceived as safe-haven currencies, found support amid signs of tension between the United States and North Korea.
“But there was a move of only 5 bips or 10 bips, so it’s hard to say there was a big response to this,” he said.
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