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10 days ago
Euro surges above $1.21 to three-year high later citation to ECB tapering bets
Forex Market News Feed - Euro surges above $1.21 to three-year high later citation to ECB tapering bets



The euro surged above $1.21 for the first period in three years re Friday, upon growing expectations that the European Central Bank hinted is getting ready to wind by the side of its colossal monetary stimulus program.

The single currency had already rallied upon Thursday after ECB policymakers said in minutes of the bank's December meeting that they could revisit their communication stance in encouraging in 2018.

Investors took the relatively hawkish declaration as a signal that the ECB will wind then to its 2.55 trillion euro ($3.07 trillion) covenant gain scheme this year if Europe's economy continues to hum along, and that it will begin moving towards cd rate hikes.

The euro soared 0.8 percent to as high as $ 1.2134, its strongest previously Dec. 31, 2014. It was on the track for a more than 1.5 percent rise by now Thursday - its strongest two-day achievement assists on August.

"We all know that the ECB tapering is coming but now it's approximately the timing, and yesterday's minutes suggested there's a growing dissent along surrounded by ECB members just virtually waiting too long," said ING currency strategist Petr Krpata in London.

"The sooner the declare realizes that the ensure less of ECB tapering is coming, it will launch asking itself what the adjacent-door step is, and that's ECB rate hikes. That's not priced in yet," he optional association. The bank sees the euro at $1.30 by the fade away of the year. Read More 

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