Euro Declines Against Most Majors

07:33, 21st October 2014

(RTTNews) - The euro retreated from its early highs against most major currencies in European deals on Tuesday, amid Reuters report that the European central bank is likely to purchase corporate bonds to protect the slowing economy.

The central bank is discussing the possibility of purchasing corporate bonds on the secondary market and the decision on that issue will be made as early as December, the report said.

The matter may be discussed at the December meeting, although it is not certain. If the ECB governing council decide to conduct corporate bond purchase program, it may commence in the first quarter of 2015.

Reversing from an early 4-day high of 0.7941 against the pound, the euro dropped to an 8-day low of 0.7893.

The euro hit a 4-day low of 136.21 against the yen, off early high of 136.92.

The single currency was trading lower at 1.2746 against the greenback, after rising to a 5-day high of 1.2839 at 3:45 am ET.

The euro may possibly find support around 1.26 against the greenback, 135.00 against the yen and 0.785 against the pound.