Euro steady af­ter ECB and Greek debt meet­ings

The China Post - - WORLD BUSINESS -

The euro held its gains on Thurs­day, bol­stered by the Euro­pean Cen­tral Bank’s up­beat in­fla­tion fore­casts and hopes for a last­minute Greek bailout deal.

In Tokyo af­ter­noon trad­ing, the com­mon cur­rency bought US$1.1267 and 140.10 yen, against US$1.1270 and 140.01 yen in U.S. trade.

Up­beat U.S. fig­ures and a pos­i­tive Fed­eral Re­serve re­port on the state of the world’s top econ­omy boosted the dollar, which fetched 124.43 yen, against 124.23 yen in New York.

Af­ter a pol­icy meet­ing Wed­nes­day, the Euro­pean Cen­tral Bank kept its key in­ter­est rates un­changed at record lows and its pres­i­dent Mario Draghi said it would main­tain its bond-buy­ing stim­u­lus pro­gramme, putting an end to talk it could be wound down early.

The ECB also pro­jected eu­ro­zone in­fla­tion would reach 0.3 per­cent in 2015, up from its pre­vi­ous fore­cast of flat prices, while it kept its 2016 fore­cast at 1.5 per­cent and its 2017 fore­cast at 1.8 per­cent.

Adding to up­beat sen­ti­ment were hopes of a pos­si­ble deal in Greece’s bailout talks with its cred­i­tors ahead of a Fri­day dead­line for it to re­pay some of its debt.

The dollar mostly stronger against other Asia-Pa­cific cur­ren­cies.

It rose to 1,112.13 South Korean won from 1,104.80 won, and to 33.75 Thai baht from 33.64 baht.

The green­back also firmed to 13,248 In­done­sian ru­piah from 13,204 ru­piah, to 44.86 Philip­pine pe­sos from 44.63 pe­sos, to 64.17 In­dian ru­pees from 63.79 ru­pees, and to SG$1.3468 from SG$1.3461.

The Aus­tralian dollar weak­ened to 77.25 U.S. cents from 77.97 cents while the Chi­nese yuan bought 20.02 yen against 19.96 yen.

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