The European Central Bank published a lower euro reference rate against the dollar on Oct. 26, while FXStreet reported a United Overseas Bank forecast for EUR/USD trading over the coming weeks.
The ECB published a reference rate of $1.1188 per euro, down from $1.1193 on Oct. 23. The rate is an informational daily benchmark produced through a procedure involving central banks. It is not a live trading price.
FXStreet reported that United Overseas Bank analysts Quek Ser Leang and Lee Sue Ann projected a range of $1.1185 to $1.1230 per euro over 24 hours. For one to three weeks, the analysts gave a range of $1.1170 to $1.1270, according to the outlet. Those figures are forecasts, rather than recorded exchange rates.
The longer-range forecast is narrower than the $1.1160 to $1.1280 band described in an Oct. 21 account of UOB’s earlier EUR/USD outlook. That account also drew on FXStreet’s reporting.
In a separate Oct. 26 assessment, Sucden Financial identified $1.1190 as immediate support for the euro and $1.1280 as a level that could come into focus in a recovery. Sucden linked support for the dollar to higher U.S. Treasury yields and stronger U.S. growth expectations. It also said expensive oil posed a risk to eurozone growth.
The ECB’s reference rate, UOB’s reported ranges and Sucden’s support level serve different purposes: one is a daily benchmark, while the others are market assessments. None establishes the euro’s highest or lowest traded price on Oct. 26.
The Federal Reserve’s policy meeting runs Oct. 27-28, with its decision scheduled for 2 p.m. ET on Oct. 28. The ECB is scheduled to announce its decision at 9:15 a.m. ET (2:15 p.m. CET) on Oct. 29.
