26th August 2014
The euro was in a bad way during yesterday’s FX trading, as the prospect of even looser policy from the ECB took it down towards its lowest level for a year.
On Friday, Mario Draghi was at the Jackson Hole symposium in the States and told those assembled that Europe’s central lender was prepared to use all available tools to fight inflation, if it drops any further.
As if the prospect of further asset purchase wasn’t enough, the German Ifo index fell to 106.3 this month, from 108 in July. It had been expected to dip, but not by that much, and if firms in the eurozone’s business heart are feeling less confident, then that doesn’t bode well for the periphery.
Such was the concern in FX trading about where the euro goes from here, even falling new home sales in the States couldn’t negatively affect the greenback in that currency pair.
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