Euro holds against the dollar

The euro has been static against
the dollar today (October 30th) in spite of disappointing US
consumer confidence data.

Having softened from the highest
levels for nearly two years just a few days ago, the euro has held
steady at an 
exchange rate of $1.3741.

After an index published yesterday
by the Conference Board showed that confidence had slipped by eight
index points in October from the previous month, investors kept
trimming bearish positions ahead of the Federal Reserve’s policy
announcement due later today.

The greenback has eased off in
recent days in the build-up to today’s announcement, which is
expected to confirm that the Fed will keep its huge asset purchase
programme in place until next year.

At the same time, the euro has
gradually inched upwards against its US counterpart, having gained
seven cents since September. But it has so far been unable to break
the $1.3800 barrier, as investor confidence remains lacklustre
while the eurozone’s own economic struggles persist.