EURGBP Euro vs Pound Sterling

The euro strengthened against the other major currencies in the Asian session on Thursday, after the European Central Bank Wednesday decided to leave interest rates unchanged for a sixth straight session. The refinancing rate was left unchanged at a record low 0.05 percent. The ECB issued an optimistic outlook for the Quantitative Easing program.

Speaking at a post-decision press conference in Frankfurt, ECB chief Mario Draghi said the the massive asset purchase program is proceeding smoothly and is having an impact on economic activity, which is expected to gradually strengthen in the months ahead.

"The implementation of our asset purchase programmes is proceeding smoothly, with volumes in line with the announced figure of EUR 60 billion of securities per month," Draghi said.

"In addition, there is clear evidence that the monetary policy measures we have put in place are effective," he said.

Further, the ECB President said the euro area economic activity has gained momentum since last year and the bank expects recovery to broaden and strengthen gradually.

Meanwhile, most Asian stock markets were trading higher, with investors indulging in some bargain hunting following the overnight gains on Wall Street. In addition, higher commodity prices lifted resource stocks.

Wednesday, the euro showed mixed trading against its major rivals. While the euro fell against the pound and the Swiss franc, it held steady against the U.S. dollar and the yen.

In the Asian trading today, the euro rose to a 1-week high of 1.0746 against the U.S. dollar, from yesterday's closing value of 1.0682. On the upside, 1.11 is seen as the next resistance level for the euro.

Against the yen and the pound, the euro advanced to a 6-day high of 127.85 and a 2-day high of 0.7230 from yesterday's closing quotes of 127.28 and 0.7196, respectively. If the euro extends its uptrend, it is likely to find resistance around 132.00 against the yen and 0.74 against the pound.

The euro edged up to 1.0337 against the Swiss franc. At yesterday's close, the euro was trading at 1.0299 against the euro. The euro may test resistance near the 1.07 region.

Looking ahead, Swiss producer and import prices for March is due to be released at 3:15 am ET.

In the New York session, U.S. building permits and housing starts - both for March, U.S. weekly jobless claims for the week ended April 11 and Reserve Bank of Philadelphia's manufacturing index for April are slated for release.

At 1:00 am ET, Federal Reserve Bank of Atlanta President Dennis Lockhart will deliver a speech about the US economic outlook and monetary policy at the Palm Beach County Convention Center.

After 10 minutes, Federal Reserve Bank of Cleveland President Loretta Mester will speak on the economy before the Forecasters Club of New York. Subsequently, Federal Reserve Bank of Boston President Eric Rosengren participates in "The U.S. Economic Outlook and Implications for Monetary Policy" event hosted by Chatham House in London at 1:30 pm ET.

At 3:00 pm ET, Federal Reserve Governor Stanley Fischer will participate in a panel discussion titled "The Elusive Pursuit of Inflation" at the International Monetary Fund Spring Meetings in Washington DC at 3:00 pm ET.

Euro vs Sterling (FX:EURGBP)
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