Euro falls after ECB holds rates, dollar climbs after data

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Euro falls after ECB holds rates, dollar climbs after data - Channel News Asia

Quick Summary:

NEW YORK :The euro fell on Thursday after the European Central Bank kept rates steady, as was widely expected, while the dollar index climbed after stronger-than-expected data on the U.S.labor market and manufacturing.

Markets expect only a slight chance for a cut of at least 25 basis points (bps), while almost completely pricing in a cut at its September meeting, according to CME's FedWatch Tool.

It's annoying that the Fed is waiting so long to cut, but ultimately it will make for a clearer path".The euro was down 0.37 per cent at $1.0897, a day after hitting a four-month high of $1.0947.