Europe’s 17-nation currency slid versus the dollar after ECB - TopicsExpress



          

Europe’s 17-nation currency slid versus the dollar after ECB President Mario Draghi made an unprecedented pledge to keep interest rates low for an extended period. The ECB’s monetary policy stance will “remain accommodative” for as long as needed to spur growth, he said July 4 after a policy meeting. The ECB took the step to provide forward guidance in a more explicit way than it did in the past, Draghi told reporters. ‘Justifiably Lower’ “For a central bank that has been reluctant to offer any kind of pre-committal,” the “characterization of forward guidance is about as much as we can expect from the ECB for now,” said Daragh Maher, a London-based currency strategist at HSBC Holdings Plc. “The euro is justifiably lower on this bias to ease.”
Posted on: Sun, 07 Jul 2013 09:43:31 +0000

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