Euro holds steady as Fed hopes cut dollar traders

SINGAPORE (Reuters) – The euro remained stable just below its highest level in two months against the dollar on Tuesday, on expectations that monetary easing induced by coronaviruses in the United States can and will deeper than any similar action in Europe.

The President of the United States Federal Reserve, Jerome Powell, and the President of the European Central Bank (ECB), Christine Lagarde, have alluded to action in recent days.

But with the ECB's benchmark refinancing rate at 0% and the Fed funds rate between 1.5% and 1.75%, the Fed has more room for maneuver, which leads investors to unwind the porting operations accordingly.

The euro climbed overnight to $ 1.1185, its highest level since early January, while the dollar fell to a six-week low against a basket of currencies.

"The dollar finds good sellers here," said Chris Weston, head of research at Pepperstone Brokerage, in a note.

"The markets are seeing vulnerabilities in what is valued in rates (and) feel a Fed that could go strong at the March 18 meeting and cut 50 basis points."

The euro bought $ 1.1129 for the last time and the dollar stabilized at 97.544, but the movements were capped, traders waiting to see if central banks could meet expectations.

The Japanese yen remained stable at 108.26 per dollar. The pound rose slightly to $ 1.2767.

Some details may be released after G7 finance ministers and central bank governors hold a conference call at 12:00 p.m. GMT to discuss steps to deal with the expanding epidemic. of coronavirus.

The Reserve Bank of Australia (RBA) 3:30 am GMT interest rate decision will also be closely watched as it is the first major political meeting since the dramatic change in money market prices last week.

Futures contracts imply that a drop of 25 basis points is almost certain, leaving the Australian dollar vulnerable to a surprise on either side. <0#YIB> (AUD /)

"If they reduce by 50 (basis points), it will drop," said Imre Speizer, analyst at Westpac FX.

"If they cut 25 and signaled more to come, it would likely hold the Australian where he is." If they cut 25 and didn't signal anything to come, I think the Australian would get up. "

The Aussie, which hit an 11-year low as markets plunged with fears of growing pandemic on Friday, was stable in morning trade at $ 0.6537 – about 1.6% above its hollow.

The New Zealand dollar also remained stable at $ 0.6263 as the RBA decision could force the hand of the New Zealand central bank when it meets later in the month.

On the horizon, the publication of euro area inflation data at 1000 GMT and the primaries of the Super Tuesday Democratic Party in the United States.

On Wednesday, the Bank of Canada meets to set its key rate.

Tom Westbrook report; edited by Jane Wardell

Our standards:Principles of the Thomson Reuters Trust.

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