6th November 2013
The euro has strengthened against the dollar today (November 6th), amid speculation above-estimate services output data will encourage the European Central Bank not to cut interest rates this week.
Ahead of the bank's policy meeting tomorrow, it had been expected the benchmark refinancing rate could be reduced from its current record-low of 0.5 per cent.
However, the purchasing managers' index of eurozone services output has been released by Markit today and recorded an advance to 51.6 in October. The initial estimate had been for a reading of 50.9.
The dollar declined in forex trading markets ahead of the US gross domestic product data due to be published tomorrow.
It is expected this will show growth slowed in the third quarter of the year and this speculation has caused the greenback to drop from near seven-week highs.
As of 11:35 GMT, the euro was trading 0.36 per cent stronger against the dollar for the session at $1.3523.
Begin trading today! Create an account by completing our form
At One Financial Markets we are committed to safeguarding your privacy.
Please see our Privacy Policy for details about what information is collected from you and why it is collected. We do not sell your information or use it other than as described in the Policy.
Please note that it is in our legitimate business interest to send you certain marketing emails from time to time. However, if you would prefer not to receive these you can opt-out by ticking the box below.
Alternatively, you can use the unsubscribe link at the bottom of the Demo account confirmation email or any subsequent emails we send.
By completing the form and downloading the platform you agree with the use of your personal information as detailed in the Policy.