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Euro Inches Up After ECB Meeting; Yen Down on Trade Hopes By Investing.com



© Reuters.

Investing.com – The Euro fell against the US dollar after the European Central Bank (ECB) cut its key rate further into negative territory and announced that it would launch quantitative easing from November.

The pair last traded at 1.1064 by 23:30 ET (03:30 GMT), up 0.1%.

The ECB announced overnight a quantitative easing program involving EUR 20 billion per month. The central bank also cut the main deposit rate by 10 basis points to -0.5%, in line with market expectations.

U.S. President Donald Trump used the news to again accuse the Federal Reserve of not doing enough to support the US economy.

"They try and succeed in depreciating the euro against the VERY strong dollar, damaging US exports …. And the Fed sits and sits and sits. They get paid to borrow money while we pay interest!" Trump said via Twitter.

Meanwhile, the pound received some overnight support on the back of a report which said the European Union is willing to grant a new Brexit extension to the UK to prevent the country from leaving the bloc without a deal. [1

9659004] Business Insider published news of the potential agreement, citing a draft European Parliament resolution. British Prime Minister Boris Johnson has said on several occasions that he is unwilling to ask the EU for further delay to Brexit, despite British lawmakers passing a law to stop Brexit without a deal.

The pair strengthened 0.1% to 1.2336.

On the Sino-US trade front, Bloomberg cited people familiar with the case and reported that Trump administration officials are considering offering a limited trade agreement to China that would delay and even roll back some US tariffs.

Discussions are preliminary, and Trump has not yet logged in, Bloomberg noted. The president added that he preferred to "get the whole deal done" but did not rule out the possibility of a temporary package.

The safe haven of Japanese yen was pegged near a six-week low versus dollar after the news. This was unchanged from the US dollar at 7.0774.

The pair went up 0.1% to 0.6868.

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