Euro fell ahead of ECB, Aussie declined on China
EUR/USD fell from the 1.0700 area to 1.0570. The euro remains under negative pressure ahead of the European Central Bank’s meeting and press conference. The ECB is expected to reiterate its commitment to policy easing despite some positive data released recently. According to Reuters citing a banking source, the ECB has sanctioned further emergency funding for Greece’s banks.
China released a bunch of dismal financial data. In line with expectations the nation’s GBP growth has slowed down from 7.3% to 7.0% in Q1 on the annual basis. Industrial production added only 5.6% vs. 6.9% expected, while retail sales growth was only 10.2% vs. the forecast of 10.9%. AUD/USD returned to 0.7570 erasing yesterday’s gains.