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Draghi Warns Of Euro Risks, Hits Back At US On Currency Talk
28 January 2018, 12:39 | Frank Carlson
GBP USD price chart
Wanting to keep all options on the table, Draghi is likely to signal a concern about the rapid rise in the currency but will maintain that it is not a policy target, hoping to strike a balanced message until policymakers are ready to unveil their blueprint for winding down stimulus, economists said. If the value of the US Dollar continues to fall then exports will become cheaper and the US trade balance should start to tighten up.
At 18:00 GMT the FxWirePro's Hourly Strength Index of Euro was slightly bullish 58.4049, while the FxWirePro's Hourly Strength Index of US Dollar was highly bearish at -101.109.
His comments were optimistic and this helped to underpin the the single currency, lifting the Key EUR/USD exchange rate to above 1.25.
"The recent volatility in exchange rates represents a source of uncertainty which requires monitoring with regard to its possible implications for the medium-term outlook for price stability", Draghi said at a press conference.
Even as the euro zone economy roars ahead, a strong euro threatens to dampen inflation and endanger the work done by years of unprecedented stimulus, probably forcing Draghi to pour cold water on rising expectations that the European Central Bank is speeding towards an interest rate hike. Official comments can however have an impact. "Put simply, Draghi is warning that foreign countries could follow the U.S.in a race to the bottom if the US tries to devalue the dollar".
Investors were eagerly awaiting Mr Draghi's comments on the euro after European Central Bank policy-makers kept interest rates and guidance unchanged, all the more since US Treasury Secretary Steve Mnuchin on Wednesday talked of the benefits of a weak dollar. After the apparently "hawkish" minutes of the December meeting, there had been some speculation that the forward guidance on the asset purchase program might be altered, noted Lloyds Bank in a research report.
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The purchases, already twice reduced, are set to run until the end of September and investors are betting on their end in the fourth quarter.
He spoke after the European Central Bank left its massive financial stimulus for the eurozone economy in place, opting not to rock the boat after Mnuchin's comments.
The Eurozone countries enjoy the strongest economic growth in a decade.
The monthly German IfO business climate index rose to 117.6 in January, from December's 117.2.
The bank left its key short-term interest rate benchmark unchanged at a record low of zero. The negative rate is a penalty aimed at pushing banks to lend the money rather than let it pile up risk-free at the ECB.
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