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Investors await the ECB meeting and US inflation statistics as the euro remains steady

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News Tech: The euro maintained most of its gains overnight on Thursday, posting its biggest daily gain in nearly six years following a meeting between Ukraine’s foreign ministers and Russia, and falling oil prices ended recent panic on the market. Traders await the European Central Bank meeting later today for any indication of how Russia’s invasion of Ukraine will affect monetary policy. US inflation figures have also been released, which may further guide expectations for next week’s Federal Reserve meeting.

The euro traded at $1.1053, down 0.2% after gaining 1.6% on Wednesday, its best day since June 2016, accompanied by gains in European stocks. and sell-off obligations. The single currency hit a 22-month low at $1.0804 earlier in the week, due to the impact of Russia’s invasion of Ukraine on European growth. NAB analysts attributed Wednesday’s results to some optimism ahead of Thursday’s meeting between the foreign ministers of Russia and Ukraine – the first meeting since Russia’s two-year invasion of Ukraine.

It also boosted the risk-sensitive Australian dollar, last at $0.732 after gaining 0.7% on Wednesday. Dollar Index at 98.177. But Thursday’s big events are yet to come. Investors will be closely watching ECB President Christine Lagarde’s press conference after the central bank’s policy meeting, waiting to see how the ECB balances the risk of higher inflation and economic growth. Europe is weaker because of the war. “Given the conflict, the ECB doesn’t have much foresight as to where eurozone economies will operate six to 12 months from now, so there’s a chance,” said analyst Kyle Rodda.

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