13th March 2014
The euro has strengthened to a new two-and-a-half year high versus the dollar in forex trading markets today (March 13th), following comments from several European finance officials.
Yesterday, European Central Bank (ECB) executive council member Benoit Coeure reiterated that policymakers do not currently foresee deflation across the eurozone as a possibility, but have a number of policy measures at their disposal if necessary.
In addition, German finance minister Wolfgang Schauble said the ECB's interest rates are currently too low for the country, which is the region's largest economy.
These comments have further dampened expectations the bank will look to reduce rates from the current record low of 0.25 per cent in the near future.
Last week, the ECB had been expected to slash borrowing costs to 0.1 per cent, but refrained from doing so, supporting the euro.
In early European trading, the currency strengthened to $1.3948 - its highest level against the US dollar since October 31st 2011.
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