The shared currency of the European Union advanced from its lowest rate since early December 2013 against the world's reserve currency as signs demonstrate the regional economy is growing stronger, according to Bloomberg.
The European Central Bank is unlikely to boost stimulus measures when its policy makers meet on Thursday. The euro rose against all but three of its 16 major counterparts as economic data noted confidence rose to its highest rate since July 2011.
"We view anything from the BoE as highly unlikely," foreign exchange strategist Tom Levinson with ING in London told Reuters on Thursday. "Assuming such an outcome, GBP might track higher, with EUR/GBP testing 0.8230/35 support."
The common currency surged roughly 0.3 percent against the greenback after touching its lowest value since early last month during the Wednesday trade session. But the 17-nation monetary unit climbed about 0.5 percent against the Japanese yen on Thursday.
The 17-nation currency dipped to its lowest value in about one year against the English pound, according to Reuters. Preoccupations about the European outlook proved to be detrimental to the euro against the pound on Thursday.
The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided. References to over-the-counter (“OTC”) products or swaps are made on behalf of StoneX Markets LLC (“SXM”), a member of the National Futures Association (“NFA”) and provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. SXM’s products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ (“ECP”) and who have been accepted as customers of SXM. StoneX Financial Inc. (“SFI”) is a member of FINRA/NFA/SIPC and registered with the MSRB. SFI does business as Daniels Trading/Top Third/Futures Online. SFI is registered with the U.S. Securities and Exchange Commission (“SEC”) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Adviser. References to securities trading are made on behalf of the BD Division of SFI and are intended only for an audience of institutional clients as defined by FINRA Rule 4512(c). References to exchange-traded futures and options are made on behalf of the FCM Division of SFI.
Trading swaps and over-the-counter derivatives, exchange-traded derivatives and options and securities involves substantial risk and is not suitable for all investors. The information herein is not a recommendation to trade nor investment research or an offer to buy or sell any derivative or security. It does not take into account your particular investment objectives, financial situation or needs and does not create a binding obligation on any of the StoneX group of companies to enter into any transaction with you. You are advised to perform an independent investigation of any transaction to determine whether any transaction is suitable for you. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc.
© 2021 StoneX Group Inc. All Rights Reserved