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Euro under pressure as markets await BoE decision

This article was originally published in Dairy Markets

The euro dropped versus the dollar on Thursday on expectations of a rise in the jobless rate and a decline in retail sales in eurozone countries, boosting speculation that the European Central Bank will lower interest rates next week, possibly by at least a quarter of a percentage point from the current 2.5%. Headline eurozone inflation fell to an annual rate of 1.6% in December, down from 2.1% in November. The single currency was trading at around €1 = $1.3558, compared with €1 = $1.3644 in late New York on Wednesday. It was also near a three-week low against the yen, at around €1 = 124.52.

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