On Monday the single currency traded at its lowest level against the dollar in 10 days after official data showed that economic growth in China was stronger than economists’ expected in the third quarter.
The euro fell to $1.1305 in early trading, its weakest level since Oct. 9, according to FactSet. It recently bounced back to $1.1328 as investors in Europe and the U.S. are getting ready for a meeting of European Central Bank policy makers on Thursday.
EUR/GBP was last at 0.7315, down 0.48%.
Elsewhere in the currency trading, the dollar was slightly lower against the yen with USD/JPY last trading at 119.39, down 0.04%.
The dollar was also lower against the British pound with GBP/USD last seen at 1.5487, up 0.30%.
Most analysts believe the ECB will maintain its current asset purchasing program at Thursday’s meeting, but almost all of them expect ECB President Mario Draghi to hint at a coming expansion.
Draghi said at the central bank’s September meeting that officials are prepared to expand their program of €60 billion ($67.98) in monthly purchases of private and public debt if the inflation and global growth prospects get worse.
Chinese officials reported that the country’s economy grew by 6.9% in the third quarter, beating expectations by 10 basis points, but still below the government target of 7%.
Investors will now await data on housing starts - the number of new-residence construction projects begun last month. Analysts say it will be the most widely anticipated piece of U.S. data released this week.
Credit: mql5.com
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