After holding stable above the 1.13 USD since Friday last week, the euro fell below the mark again on Thursday. Despite at least one expected rate hike by the Fed this year, initial uncertainties regarding the ECB's future monetary policy appear to be causing more concern to market participants.
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Before today's ECB interest rate decision and the subsequent press conference with ECB President Mario Draghi, the financial markets are operating within a rather limited range. However, the DAX and the Euro are showing cautiously positive trends.
The US Federal Reserve has raised interest rates as expected at 0.5%. With regard to further interest rate hikes the Fed Chairman Janet Yellen, however, expressed caution, pointing to the further development of the US economy. Investors were initially disappointed at the FOMC statement and Euro adheres against the US dollar above 1.09.
The today released ZEW index for the economic outlook in Germany is better than assumed in the forecasts. Also for the entire euro area the value of the index improved, but remained below the forecasts. The also published today figures on US consumer prices (CPI) were broadly within the predicted values and they support the US dollar one day before the interest rate decision by the Fed.
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