The euro rose higher against the US dollar on Tuesday, picking up from the losses which following comments from the European Central Bank (ECB) board member, who said the negative deposit rate was an option.
The euro rose 0.28% higher to $1.3554 against the US Dollar as of 8:53am GMT and advanced 0.06% to £0.8371 against the UK pound and the same time.
The 17-nation currency edged 10% higher at ¥137.52 against the Japanese yen, remaining close to a four-year high after Tuesday’s Bank of Japan (BoJ) October minutes hinted that the policymakers may come across some difficulties in achieving its inflation target.
On Tuesday, ECB board member Benoit Coeure, said that the negative deposit rate was a possibility that was discussed and the central bank would make sure it reaches its inflation 2% target.
Earlier this month, the European Commission forecasted that inflation would reach 1.5% this year and remain the same till next year before slightly dropping to 1.4% in 2015.
The US dollar was boosted after the historic deal with Iran over its nuclear program was finalized over the weekend.
The six-month deal was made between the Western nations and Iran, in which the Persian gulf country agreed to ease the extensive nuclear program in the country in return of an estimated $7 billion-worth of economic sanctions.
Iran pledged to give access to international nuclear weapons inspectors at its nuclear facilities Natanz and Fordo.
Visit www.hymarkets.com to find out more about our products and start trading today with only $50 using the latest trading technology today.
The post Euro Advanced as ECB Member Discuss Negative Deposit Rate appeared first on | HY Markets Official blog.
Article provided by HY Markets Forex Blog