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Euro Waits for Central Bank News

August 1, 2012 at 15:28 by Miranda Marquit

One euro coin and a chartEuro is fairly steady today, as the world waits for central bank decisions. While euro has slipped a little against the US dollar, it is still holding its own. Euro is higher against the pound and the yen.

Right now, the main focus is the meeting by European Central Bank policymakers. A policy announcement is expected tomorrow, and it is expected to focus on helping the eurozone stabilize. Some are hoping that the ECB will buy bonds from Spain and Italy in an attempt to keep yields low and debt affordable for embattled countries.

There are also other central bank decisions to pay attention to. The Federal Reserve will be making an announcement later today. While few people expect Ben Bernanke to pull the trigger on QE3, many do expect that the Fed will confirm that it stands ready to provide more stimulus. A Bank of England announcement is due tomorrow, and there is a good chance that more easing will be announced, in light of the disappointing economic performance by Britain.

For now, though, there is mostly waiting.

At 15:18 GMT EUR/USD is slightly lower at 1.2302, down from the open at 1.2303. EUR/GBP is up to 0.7885 from the open at 0.7849. EUR/JPY is up to 96.2125 from the open at 96.1240.

If you have any questions, comments, or opinions regarding the Euro, feel free to post them using the commentary form below.

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