7th November 2013
The euro has maintained recent gains in forex trading markets today (November 7th), with sentiment boosted by strong German factory data before the European Central Bank (ECB) meets later in the session to discuss its monetary policies.
Yesterday’s data showed orders for German industrial produce soared by 3.3 per cent month-on-month in September and were 7.9 per cent higher than the same month in 2012.
Last week, it was revealed inflation across the eurozone unexpectedly dropped in October, leading to suggestions the ECB will reduce interest rates in an effort to stimulate growth. The bank’s benchmark refinancing rate is currently at a record-low of 0.5 per cent.
However, analysts have suggested the more recent positive data releases will see the central bank refrain from a further cut to borrowing costs. Despite this, ECB president Mario Draghi is expected to raise the possibility of introducing additional monetary easing in the near future.
The US third-quarter gross domestic product growth figures are also due to be released later in the session and are likely to impact strongly on the dollar’s movements in forex trading.
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