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Eur fell against major currencies after the comments of Mario Draghi

2019-06-18 10:12 am | Resource: NEWS | No Views : 89

 Eur fell against major currencies after the comments of Mario Draghi

The euro fell on Tuesday after ECB President Mario Draghi pledged to cut interest rates to fight low inflation. Draghi also hinted at the purchase of assets and insisted that the bank was "still committed" to fighting low inflation. The European Central Bank said earlier this month it would keep interest rates at record highs until at least June next year

Draghi: The ECB is fighting because inflation is too low

European Central Bank President Mario Draghi said on Tuesday that the risk outlook for the euro area is still down and that "long term softness" appears in the data for "the coming quarters". Speaking at the Enterprise event in Sintra, Portugal, he pledged to cut interest rates further if necessary, and interest rate makers emphasized mitigation measures in their instruments. He also hinted at buying assets and claimed that the central bank "remains committed to its goal and does not give in to very low inflation."

Price makers can still strengthen the so-called front-line in an effort to stabilize prices. Inflation expectations on the five-year horizon reached record levels of less than 1.4% compared to the target of less than 2%.

"The risks that have been evident over the past year, especially the geopolitical factors, and the growing threat of protectionism and vulnerabilities in emerging markets have not dissipated," said Draghi.

The Euro is trading with losses after Draghi's comments
  • The single currency fell by 0.22% compared to the dollar, where it bought 1.1192 at 10:39 CET,
  • After trading with gains earlier. The euro was down 0.14% against the British pound, selling against 0.8938 at 10:39 CET,
  • Meanwhile, the Euro was down 0.43% against the Japanese Yen, trading 121.132 at 10:40 CET.


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