3 months ago
Forex

Dollar Flat as Euro Pares Losses

Investing.com - The U.S. dollar was flat against its rivals Thursday, as the euro pared losses after the European Central

Investing.com - The U.S. dollar was flat against its rivals Thursday, as the euro pared losses after the European Central Bank confirmed it would stop purchasing new bonds, but signaled monetary policy remained accommodative.

The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, rose by 0.02% to 97.04.

The European Central Bank said it would end its three-year, €2.6 trillion bond-buying program this month and claimed it remains on track to raise rates after the summer of next year, despite a weaker economic backdrop for eurozone.

In prepared remarks to reporters in Frankfurt, ECB President Mario Draghi cut the 2018 growth outlook in the eurozone to 1.9% from the 2.0% forecast in September.

EUR/USD was flat at $1.1365, but well above its session lows of $1.1307.

GBP/USD rose 0.17% to $1.2652 as UK Prime Minister Theresa May's somber assessment of the current state of Brexit talks did little to suggest a quick resolution was in the offing.

"I don't expect an immediate breakthrough, but what I do hope is that we can start work as quickly as possible on the assurances that are necessary," May said.

EU leaders have repeatedly said they are not prepared to renegotiate the withdrawal agreement, leaving May with uphill battle to convince them otherwise.

USD/CAD fell 0.08% to C$1.3339, while USD/JPY rose 0.26% to Y113.59.

-- Reuters contributed to this report.