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09.04.202014:21:00UTC+00Euro Rallies As ECB Minutes Show Unanimous Agreement On Policy Measures

The euro climbed against its key counterparts in the European session on Thursday, after minutes from the European Central Bank's recent meeting showed that policymakers agreed that a decisive monetary policy response was required to counter the implications of the coronavirus pandemic in the currency bloc.

Members said that a decisive monetary policy response was required in the present circumstances, both to preserve the monetary stance and to underpin the monetary transmission mechanism, the minutes from March 11 and 12 showed.

Policymakers unanimously agreed with the package of monetary policy measures, which includes offering additional LTROs to provide immediate liquidity support to the euro area banking system, applying more favourable terms to all TLTRO III operations during the period from June 2020 to June 2021 and expanding quantitative easing program by 120 billion euros.

The Governing Council members agreed that lowering the deposit facility "did not seem appropriate."

Nonetheless, the rates could be lowered further if the Governing Council considered as appropriate, the minutes added.

Data from Destatis showed that Germany's exports growth accelerated, while imports fell more than expected in February.

Exports grew 1.3 percent on month, much faster than the 0.1 percent rise in January. Economists had expected a 1 percent decline.

The currency rose against its major rivals in the previous session as hopes that the coronavirus pandemic was nearing its peak underpinned sentiment.

The euro recovered to 0.8774 against the pound, from a new 4-week low of 0.8724 hit at 6:45 am ET. The euro is seen finding resistance around the 0.89 mark.

Data from the Office for National Statistics showed that the UK economy shrank unexpectedly in February due to a large fall in construction.

Gross domestic product fell 0.1 percent month-on-month in February, confounding expectations for a monthly growth of 0.1 percent.

The euro hit 1.0942 against the greenback, representing a 1-week high. Next key resistance for the euro is likely seen around the 1.11 level.

The single currency appreciated to a 2-day high of 119.00 against the yen, from Wednesday's closing value of 118.14. Should the euro strengthens further, it is likely to test resistance around the 122.00 region.

The euro rallied to a 2-day high of 1.0583 against the franc, after falling to 1.0546 at 5:00 pm ET, which was its lowest since April 3. The euro is poised to challenge resistance around the 1.08 mark.

The 19-nation currency approached a 2-day high of 1.5297 against the loonie, reversing from a session's low of 1.5203 seen at 7:45 pm ET. Immediate resistance for the euro is likely located around the 1.60 level.

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