FOREX-Euro edges up on Italy boost, traders prepare for ECB meeting - Ester Holdings

FOREX-Euro edges up on Italy boost, traders prepare for ECB meeting

LONDON, Dec 13 (Reuters) – The euro rose slightly in early trading on Thursday after Italy said it would cut its budgetary spending plans in a row with the European Union, although traders were in a cautious mood ahead of the European Central Bank’s monetary policy meeting.

Global markets were mostly positive at the start of the day on signs of easing Sino-U.S. trade tensions and expectations that China will increase support for its cooling economy.

Alvin Tan, a strategist at Societe Generale, said news that Italy was cutting its deficit target was supporting the euro, as it would help defuse a dispute with European officials in Brussels.

While the ECB is set to announce formally an end to its vast quantitative easing programme at a policy meeting later on Thursday, the move will be tempered by the central bank likely expressing caution about the outlook for the economy.

Investors are hoping to find out whether the ECB will start raising interest rates before ECB President Mario Draghi’s term ends in October next year.

“Everybody wants to have a hint regarding whether the ECB will raise interest rates next year but that will probably not happen,” said Yukio Ishizuki, senior currency analyst at Daiwa Securities.

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