Euro slips as ECB policymaker takes cautious tone
LONDON - The euro edged back on Thursday after comments from German policymaker Isabel Schnabel failed to give firm clues on whether the European Central Bank will raise rates in September, ahead of euro zone inflation data later in the day.ECB rate-setter Schnabel said that euro zone growth was weaker than predicted but that does not necessarily void the need for more rate hikes.
Traders moved to price around a 60% chance that the ECB will stick with its current interest rate in September, having raised bets that they would hike the day before after German and Spanish inflation figures.Sterling, which followed the euro's gains on Wednesday, likewise was a little softer at $1.2700. Both sterling and the euro are set for monthly drops against the dollar in August.
On Wednesday, the Commerce Department revised down U.S. second-quarter growth to 2.1% from an estimate of 2.4%. U.S. payrolls data is due on Friday and second-tier figures this week such as job openings and private payrolls have indicated the labour market could be losing steam. The dollar's pullback this week, along with wariness of Japanese government intervention, has steadied the yen. It is 2.4% lower on the dollar this month and down 10% for the year, but has found some stability around 146 yen per dollar. It was last at 145.855.
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