Euro falls back on ECB crisis rumours
Europe's common currency declined 0.1 per cent to $1.3173 this morning and remained largely unchanged at 106.62 yen, putting it in line for a 0.2 per cent loss over the course of the week.Forex traders
saw the euro's two-day advance against the dollar ended today (April 13th) amid rumours the European Central Bank (ECB) may need to resume its government bond purchase programme to alleviate the region's ongoing financial crisis.
Simon Smith, chief economist at foreign-exchange broker FXPro Group in London, told Bloomberg markets remain concerned over the future of the euro as sovereign debt in the region continues to cause problems.
"There's a sense that the old problems are returning to the euro region. The ECB buying bonds is a way of pulling markets back from severe stress," Mr Smith argued.
Recently, a survey from the news provider found that 17 of 22 economists polled predicted that the ECB will be forced to resume its Securities Markets Programme.Posted by Greg Secker
- Knowledge to Action News
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