5th December 2013
The euro has advanced to its strongest level in five weeks versus the dollar today (December 5th), ahead of the European Central Bank’s (ECB’s) latest policy statement.
While the bank is not expected to introduce any fresh measures, investors will be closely monitoring ECB president Mario Draghi’s accompanying comments for indications as to future policy directions.
There has been solid demand for the euro in forex trading markets following yesterday’s Markit services purchasing managers’ index for the eurozone ticked higher to 51.2 in November, down from the previous month’s result of 51.6, but above the preliminary reading of 50.9.
Later in the session, an updated estimate of third-quarter gross domestic product growth in the US is due to be published, which comes ahead of the more comprehensive non-farm payrolls report tomorrow.
As of 08:45 GMT, the euro was trading 0.12 per cent higher versus the greenback at $1.3610, having reached a five-week high of $1.3639 earlier in the session.
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