April 16, 2019 / 1:57 PM / 9 days ago

FOREX-Dollar gains after report of dovish ECB members

 (New throughout, updates prices, market activity and comments
to U.S. market open, new byline, changes dateline, previous
LONDON)
    By Karen Brettell
    NEW YORK, April 16 (Reuters) - The euro fell against the
dollar on Tuesday after reports that a "significant minority" of
European Central Bank policymakers think the bank’s economic
projections are too optimistic, while the Australian dollar
weakened on dovish central bank comments.
    Several ECB policymakers said the bank's economic
projections are too rosy as weak growth in China and trade
tensions linger, four sources with direct knowledge of
discussions said.
    The "significant minority" of rate-setters in last week’s
policy meeting expressed doubt that a long projected growth
recovery is coming in the second half of the year and some even
questioned the accuracy of the ECB’s projection models, given
their long history of downward revisions, the sources said.
    “It’s yet another dovish take,” said Win Thin, global head
of currency strategy at Brown Brothers Harriman in New York. “I
think they are pushing back against the euro strengthening. It’s
one of the few levers they have left.”
    The release of Purchasing Managers Indexes (PMIs) for the
manufacturing and service sectors in Europe on Thursday will be
closely watched as traders look for signals of improving growth
in the region.
    The Australian dollar dipped after the Reserve Bank of
Australia said that a cut in interest rates would be
"appropriate" should inflation stay low and unemployment trend
higher.
    Sterling also slipped after the Guardian newspaper reported
that talks between Prime Minister Theresa May and the opposition
Labour Party regarding Britain’s exit from the European Union
had stalled. The Labour Party denied the report.
    Traders are also waiting for Chinese gross domestic product
data on Wednesday, which may indicate the worst is over for the
global economy.
    Chinese exports and credit data last week signaled some
stabilization in economic conditions.
    
    ========================================================
    Currency bid prices at 9:40AM (1340 GMT)
 Description      RIC         Last           U.S. Close  Pct Change     YTD Pct     High Bid    Low Bid
                                              Previous                   Change                 
                                              Session                                           
 Euro/Dollar      EUR=        $1.1294        $1.1307     -0.11%         -1.53%      +1.1314     +1.1280
 Dollar/Yen       JPY=        111.9800       112.0300    -0.04%         +1.56%      +112.0500   +111.8600
 Euro/Yen         EURJPY=     126.50         126.65      -0.12%         +0.22%      +126.6800   +126.2100
 Dollar/Swiss     CHF=        1.0062         1.0038      +0.24%         +2.53%      +1.0067     +1.0033
 Sterling/Dollar  GBP=        1.3059         1.3097      -0.29%         +2.37%      +1.3111     +1.3051
 Dollar/Canadian  CAD=        1.3370         1.3362      +0.06%         -1.96%      +1.3402     +1.3363
 Australian/Doll  AUD=        0.7169         0.7173      -0.06%         +1.70%      +0.7175     +0.7140
 ar                                                                                             
 Euro/Swiss       EURCHF=     1.1366         1.1349      +0.15%         +1.00%      +1.1377     +1.1344
 Euro/Sterling    EURGBP=     0.8646         0.8631      +0.17%         -3.76%      +0.8654     +0.8620
 NZ               NZD=        0.6758         0.6761      -0.04%         +0.61%      +0.6768     +0.6742
 Dollar/Dollar                                                                                  
 Dollar/Norway    NOK=        8.4812         8.4948      -0.16%         -1.82%      +8.5068     +8.4765
 Euro/Norway      EURNOK=     9.5812         9.6020      -0.22%         -3.28%      +9.6127     +9.5850
 Dollar/Sweden    SEK=        9.2533         9.2668      -0.21%         +3.22%      +9.2797     +9.2503
 Euro/Sweden      EURSEK=     10.4540        10.4760     -0.21%         +1.85%      +10.4835    +10.4547
 
 (Additional reporting by Tom Finn in London)
  
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