The main currency pair is rising supported by the comments made by the chief economist of the European Central Bank.
On Thursday morning, EURUSD is rising and keeping the momentum it started yesterday. The current quote for the instrument is 1.1796. Early in the morning, the pair reached 1.18, but failed to break it. However, it may happen in the nearest future.
The main reason why EURUSD is growing is the comments made by Peter Praet, the executive board member and the chief economist of the European Central Bank. When delivering his speech yesterday, he said that the European regulator would sift the QE program efficiency during its next meeting and might be ready to make important decisions. It seems like he was talking about closing the program.
Over the last several months, there have been several times when investors overestimated such comments from other members of the ECB and started buying the Euro, but after then Mario Draghi, the ECB Governor, appeared and said that the time for closing the QE hadn’t come yet because the program significantly influenced the economic growth in the Euro Area. Probably, this time the situation has changed and the economy may improve by itself. Nevertheless, this might be the main topic for the ECB meeting next week.
The meeting is scheduled for June 14th. It looks like it is expectations from the meeting that will be the main driver in EURUSD in the nearest future. Of course, if it is not for Italy and its political tensions.