The shared currency of the European Union edged down on Friday against the world's reserve currency, yet still was poised to mark weekly gains against its rival, Bloomberg reports.
Germany's top judicial panel raised questions about the plan of the European Central Bank to help member nations recovering from the sovereign debt crisis. Germany hosts the bloc's strongest economy. The ECB is slated to convene next month, when the body is likely to address inflation.
"We remain firmly determined to maintain the high degree of monetary accommodation and to take further decisive action if required," President Mario Draghi with the European Central Bank said, according to Bloomberg. "We firmly reiterate our forward guidance. We continue to expect the key ECB interest rates to remain at present or lower levels."
The euro fell roughly 0.2 percent against the U.S. dollar yet pushed toward weekly advances of about 0.6 percent against the greenback. The euro moderately dipped about 0.1 percent against the Japanese yen and has marked climbs of roughly 0.7 percent against the yen since the end of January.
The German judges challenged whether the Outright Monetary Transactions program exceeded the jurisdiction of the European Central Bank, according to Reuters.
Risk Disclosure
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.
