{"id":43887,"date":"2013-04-24T09:47:00","date_gmt":"2013-04-24T09:47:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/forex-market-update-euro-steady-against-dollar-despite-weak-german-ifo-reading\/43881\/"},"modified":"2013-04-24T09:47:00","modified_gmt":"2013-04-24T09:47:00","slug":"forex-market-update-euro-steady-against-dollar-despite-weak-german-ifo-reading","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/forex-market-update-euro-steady-against-dollar-despite-weak-german-ifo-reading\/43887\/","title":{"rendered":"Forex Market Update: Euro Steady against Dollar despite Weak German Ifo Reading"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p>In spite of unexpectedly weak German Ifo Index, which is a gauge in business sentiment, the euro remained steady against the US dollar after hitting to a two-week low in the previous session. Nonetheless, the euro is expected to remain vulnerable in coming days as currency strategists expect the European Central Bank (ECB) to slash benchmark interest rate, next month.<\/p>\n<p><span id=\"more-43887\"><\/span><\/p>\n<p>The euro was trading at $1.3002 during European trading hours, having fallen as low as $1.2973 following the release of dismal PMI data on Tuesday.<\/p>\n<p>Already the policymakers from the ECB have hinted at more cuts in prime lending rate in case economic indicators warrant it. The benchmark rate in the <a href=\"http:\/\/www.knowfinance.com\/euro-zone\/\" target=\"_blank\" rel=\"noopener\">euro zone<\/a> is at record low level of 0.75%.<\/p>\n<p>The weaker-than-expected German Ifo Index comes just a day after when Markit\u2019s flash Composite PMI data showed that business activities in Europe\u2019s largest economy contracted in April.<\/p>\n<p>Commenting over possible rate cuts by the ECB, a trader for a Japanese Bank in Bangkok said to Reuters, \u201cIf the Ifo is weak that could provide further data-based validation for the recent speculation that there might be a rate cut in May\u201d.<\/p>\n<p>However, some strategists expect that euro might not fall as market participants have already factored in that the ECB could cut rates to boost lending.<\/p>\n<p>\u201cMarkets have moved around to the view that the ECB will cut rates. We&#8217;re looking for a cut in May. So to some extent the euro is pricing that in,\u201d said Mitul Kotecha, a Hong Kong-based head of global <a href=\"http:\/\/www.knowfinance.com\/foreign-exchange-market\/\" target=\"_blank\" rel=\"noopener\">foreign exchange<\/a> strategy for Credit Agricole, according to Reuters.<\/p>\n<p>&nbsp;<\/p>\n<div class=\"nr_clear\"><\/div>\n<div id=\"nrelate_popular_2\" class=\"nrelate nrelate_popular nrelate_default nr_1col nr_text\"><\/div>\n<p>\t<!--[if IE 6]>\n\t\t<script type=\"text\/javascript\">jQuery('.nrelate_default').removeClass('nrelate_default');<\/script>\n\t<![endif]--><\/p>\n<p>\t<script type=\"text\/javascript\">\n\t\/* <![CDATA[ *\/\n\t\tnRelate.domain = \"www2.thestockmarketwatch.com%2Fstock-market-news\";\n\t\tvar entity_decoded_nr_mp_url = jQuery('<span\/>').html(\"https:\/\/web.archive.org\/web\/20130426133242\/http:\/\/api.nrelate.com\/mpw_wp\/0.51.4\/?tag=nrelate_popular&domain=www2.thestockmarketwatch.com%2Fstock-market-news&url=http%3A%2F%2Fwww2.thestockmarketwatch.com%2Fstock-market-news%2Fforex-market-update-euro-steady-against-dollar-despite-weak-german-ifo-reading%2F43887&nr_div_number=2&maxageposts=7200&increment=1\").text();\n\t\tnRelate.getNrelatePosts(entity_decoded_nr_mp_url);\n\t\/* ]]&gt; *\/\n\t<\/script>\n\n\n<div class=\"nr_clear\"><\/div>\n\n\n<script id=\"mNCC\" language=\"javascript\">  medianet_width='600';  medianet_height= '250';  medianet_crid='814932888';  <\/script>  <script id=\"mNSC\" src=\"https:\/\/web.archive.org\/web\/20130426133242js_\/http:\/\/contextual.media.net\/nmedianet.js?cid=8CUT71M67\" language=\"javascript\"><\/script> \n\n\n\n\n<!-- AddThis Button BEGIN -->\n\n\n<div class=\"addthis_toolbox addthis_default_style addthis_32x32_style\">\n<a class=\"addthis_button_preferred_1\"><\/a>\n<a class=\"addthis_button_preferred_2\"><\/a>\n<a class=\"addthis_button_preferred_3\"><\/a>\n<a class=\"addthis_button_preferred_4\"><\/a>\n<a class=\"addthis_button_compact\"><\/a>\n<a class=\"addthis_counter addthis_bubble_style\"><\/a>\n<\/div>\n\n\n<script type=\"text\/javascript\">var addthis_config = {\"data_track_addressbar\":true};<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/250\/addthis_widget.js#pubid=pennystocksfinder\"><\/script>\n<!-- AddThis Button END -->\n\n\n\n\n<p>More Posts by this author<\/p>\n\n\n\n<ul>\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/forex-market-update-u-s-dollar-falls-sharply-against-yen\/43958\">\nForex Market Update: U.S. dollar Falls Sharply against Yen<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-advance-silver-prices-flat\/43954\">\nGold Prices Advance, Silver Prices Flat<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stock-futures-point-to-lower-start\/43951\">\nStock Futures Point to Lower Start<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/starbucks-corp-s-q2-earnings-match-estimates-q3-earnings-guidance-disappoints-sbux\/43945\">\nStarbucks Corp.\u2019s Q2 Earnings Match Estimates, Q3 Earnings Guidance Disappoints (SBUX)<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/amazon-com-inc-s-q2-revenue-guidance-disappoints-investors-amzn\/43943\">\nAmazon.com Inc.\u2019s Q2 Revenue Guidance Disappoints Investors (AMZN)<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-end-higher-15\/43939\">\nStocks End Higher<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-and-silver-prices-rise-sharply-2\/43937\">\nGold and Silver Prices Rise Sharply<\/a><\/li>\n\n\n\n<\/ul>\n\n\n\n\n\n\n<hr>\n\n\n\n\n\n<table style=\"border:none;margin:0;\">\n\n\n<tr>\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20130426133242im_\/http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/userphoto\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n\n\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n\n\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n\n\n\n\n<div style=\"font-size:10pt;\">\n\nEd Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/div>\n\n\n<\/td>\n\n<\/tr>\n\n<\/table>\n\n\n\n\n\n\n\n<!--script type=\"text\/javascript\">\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\n<\/script>\n<script type=\"text\/javascript\"\nsrc=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script-->\n\n\t\t\t\t\t\t\n\n\t\n\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In spite of unexpectedly weak German Ifo Index, which is a gauge in business sentiment, the euro remained steady against [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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