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FX sentiment: strong dollar backed by the economy and weak euro pressed by uncertain ECB

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The dollar remains close to its two-week high against its key competitors, backed by a sustainable economy and uncertainty over the euro ahead of of an upcoming European Central Bank policy meeting.

The euro remains weak before the ECB meeting on Thursday. The ECB is facing growing pressure to address the issue of how to protect the euro area economy from a slowdown.

The outcome of the ECB meeting is unlikely to lead to major surprises, which has weakened the euro, as the central bank is expected to remain the moderate tone.

In the other hand, the US dollar has some support from higher US earnings data, including fourth-quarter gross domestic product, alleviated concerns about a potentially rapid loss of economic momentum.

The dollar index traded around 96.77 against the group of six major currencies, after it had reached 96.816, the highest level since 19 February.


 Trader Georgi Bozhidarov

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