Euro depreciated by 0.29 percent in yesterday’s trading session on concern over French politics ahead of Presidential election in April. National Front Leader Marine Le Pen vowed to fight globalization and take France out of Euro Zone. Further, ECB president Draghi defended QE program. He said recent rise in Euro Zone inflation is temporary due to rising oil prices and restated that underlying inflation remains very subdued. In intraday Euro touched a low of 1.0702 and closed at 1.0749 against Dollar.
Euro currency expected to trade with negative bias as Investors are concern over political uncertainty in Europe. Dutch election are in March, French Election in April and German in September. France Far right party leader Marine Le Pen told to supporters “this is our country” that she alone would protect them against Islamic fundamentalism and globalisation if elected president in May.
Traders fear that if Marine Le Pen wins than she may hold referendum on EU membership. Further, ECB policymakers defended bank ultra easy monetary policy. However, sharp downside may be cushioned on weakness in dollar. EURINR Feb expected to trade in a range between 71.80 on lower side to 72.60 on higher side with downward trend.
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