Home Forex Market News Euro bounces ahead of ECB President Draghi speech

Euro bounces ahead of ECB President Draghi speech

The new trading week began calmly as there were no key data releases during the Asian session. Later in the day markets will focus on European Central Bank President Mario Draghi speaking before the European Parliament’s economic and monetary committee in Brussels.

The euro gained 0.2% versus the dollar to trade at 1.2856, after bouncing from a 14-month low of 1.2824 early in the session.

Sterling also rose, up 0.4% to 1.6346 but well off Friday’s highs of 1.6523 after it soared on following Scotland’s vote to reject independence.

The dollar edged lower against the yen to trade at 108.85, moving away from a 6-year high of 109.44 hit on Friday.

Later in the US session today, focus will be in US existing home sales data, which are forecast to show an increase for a fifth straight month in August. This would be positive for the greenback.

On Tuesday a series of Purchasing Managers Index (PMI) reports will be released from China and Europe.

China will especially be in focus as the HSBC and Markit surveys will show a preliminary reading of PMI for September. The PMI index fell to 50.2 in August, suggesting the world’s second-biggest economy is losing momentum.

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