Euro falls vs dollar as markets await ECB action

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Thread: Euro falls vs dollar as markets await ECB action

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    Default Euro falls vs dollar as markets await ECB action

    Euro falls vs dollar as markets await ECB action
    The euro fell on Monday, hitting a record low against the Australian dollar, on worries the European Central Bank may disappoint investors hoping for more actions to contain the euro zone debt crisis.

    Market expectations for action from the bloc's central bank, which holds its policy meeting on Thursday, have grown sharply after ECB President Mario Draghi said last week the bank would do whatever it takes to save the euro, a message echoed by German Chancellor Angela Merkel and French President Francois Hollande.

    Some in the market speculated the ECB may reactivate its bond-buying program to help reduce Spanish and Italian borrowing costs, but many were skeptical because Germany has repeated its opposition to such a step.

    "Traders were in a 'Show me' mode, with enthusiasm fading over last week's comments by both Mario Draghi and Angela Merkel in support of the euro," said Boris Schlossberg, managing director of FX strategy at BK Asset Management in New York.

    German Economy Minister Philipp Roesler warned the ECB about any large-scale government bond purchases and a German government spokesman on Monday reiterated Berlin's opposition to any form of mutualization of euro zone debt.

    The euro fell 0.6 percent to $1.2244, retreating from a three-week high against the U.S. dollar of $1.2389 hit on Friday, but was holding above a two-year low of $1.2040 touched last Tuesday, according to Reuters data.

    Adding to bearish sentiment was the euro's failure on Friday to close above a key technical level near $1.2325.

    Still, near-term losses in the euro could be limited as traders were unlikely to place large bets ahead of the ECB meeting, analysts said.

    "Clearly, if nothing is announced that would be a massive disappointment," said Callum Henderson, global head of FX research for Standard Chartered Bank in Singapore. "But there is an expectation that we're going to see something meaningful on Thursday."

    Analysts said the ECB might explore new policy tools such as outright asset purchases, or quantitative easing, something its peers in Britain, the United States and Japan are already using to stimulate growth.

    There have been recent suggestions it could also empower national central banks to broaden their asset-buying abilities.

    U.S. Treasury Secretary Timothy Geithner and German Finance Minister Wolfgang Schaeuble expressed confidence on Monday in the ability of euro zone member states to implement reforms and achieve greater integration to overcome their debt crisis.

    reuters

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    nice discussion......really helpful for all every one that is the newbie or experienced

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