Euro gained snapping a four-day losing streak

Euro gained snapping a four-day losing streak

• Ahead of the European Central Bank’s policy announcement, the euro gained snapping a four-day losing streak. The ECB is expected to deliver another blast of monetary stimulus today to help the euro area out of the pandemic crisis. The euro will likely continue its path higher unless President Christine Lagarde talks down the currency or the ECB releases economic forecasts that paint a much more dire outlook than anticipated.
• As Brexit negotiators agreed they have until Sunday to make a decision on the future of talks, the Great British pound weakened. Major differences remain between U.K. Prime Minister Boris Johnson and European Commission President Ursula von der Leyen. Many believe this to be the final sprint of a four-year marathon.
• As optimism about China’s economy underpinned a rally in iron-ore prices, the Australian dollar strengthened.
• Amid hops that the roll out of Covid-19 vaccines will fuel a rebound in oil consumption, the commodity gained and with it the Norwegian krone followed.
• U.S. lawmakers continue to work on a compromise pandemic relief plan and have yet to resolve a deadlock over a business-liability shield. However, House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin expressed optimism that a deal is in reach. The dollar was little changed in response.
• After the Chinese yuan offshore rate briefly rose past 6.5 for the first time since 2018, the currency held steady after the central bank set its fixing in line with market expectation, appeasing fears that authorities would guide the currency weaker..

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