The euro was under pressure on Monday ahead of a European Central Bank meeting l...
TOKYO - The euro was under pressure on Monday ahead of a European Central Bank meeting later this week at which policymakers are expected to deliver new stimulus to bolster a flagging regional economy.
Heightened expectations for an ECB easing come as other global central banks move to loosen the monetary spigot, including the People’s Bank of China, which on Friday cut the amount of cash that banks must hold as reserves. The dollar was confined to a narrow range versus the yen as traders weighed the prospect of U.S. interest rate cuts against their demand for safe-haven assets.
“The ECB is the big game in town globally this week, and the market is more comfortable with the Federal Reserve cutting rates, so I think the market is probably risk neutral.”
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