EUR/USD Dwindles after ECB Decided to Maintain Unchanged Interest Rates

EURUSD Dwindles after ECB Decided to Maintain Unchanged Interest Rates
EURUSD Dwindles after ECB Decided to Maintain Unchanged Interest Rates

In the Asian trading market on Friday, the EUR/USD was observed to be lower by a value of 0.02% at 1.2934 following the decision by the European Central Bank to maintain interest rates unaltered at its monetary policy meeting during Thursday. The benchmark interest rate of the ECB has been positioned at a value of 0.75% since July 2012.

The Bank of Japan announced earlier that its asset-purchasing program will be doubled over the upcoming two years and that the maturities of the bonds purchased by the bank will be extended. The USD/JPY is ahead 0.55% at a value of 96.86 since the current Bank of Japan Governor Haruhiko Kuroda revealed what he described a “new phase of monetary easing”. The trends of the currency pairs, USD/JPY and EUR/JPY during Thursday were major for these pairs since 2008.
After announcements regarding the new monetary stimulus procedures targeted at boosting inflation in Japan, AUD/JPY ascended 0.36% to a value of 100.90 and previously traded at a high as 101.07. Both the currency pairs, AUD/JPY and NZD/JPY are observed to be trading at four-and-a-half year high positions.

During the Asian trading on Friday, AUD/USD is seen to be at a lower position by 0.13% at a value of 1.0421. The pair was expected to locate support at 1.0397, which was the low of March 28 and seek resistance at a value of 1.0490, which was the high value noted previously. The Australian dollar is seen to be trading at a declined trend with respect to its U.S. counterpart during the Asian session on Friday.

A look at other major currency pairs indicated that the USD/CHF slid 0.02% to a value of 0.9397 while USD/CAD increased 0.02% to 1.0132. The AUD/NZD is ahead 0.10% at 1.2402 whereas EUR/AUD is up by 0.13% at 1.2413. USD/NZD is off by 0.19% at a value of 0.8408. The U.S. Dollar Index is ahead by 0.08% at 82.91.

GBP/USD is lower 0.07% at 1.5223 following the Bank of England leaving its benchmark interest rate as well as quantitative easing program unaffected. The interest rate in U.K. has now settled at a value of 0.5% since March 2009 and its bond-purchasing program maintains at USD568 billion.