Euro falls as central bank says Mario Draghi’s upbeat economy speech was WRONG
THE euro has fallen from nine-month highs against the dollar, after the European Central Bank (ECB) moved to downplay apparently optimistic economy comments made by its chief.
By LANA CLEMENTS
Express.co.uk
Wed, Jun 28, 2017
Mario Draghi sent the eurozone currency soaring yesterday after he spoke about the strengthening growth within the bloc.
The comments raised expectations that policymakers could soon start to scale back the huge levels of ECB monetary support currently in place.
But sources from within the central bank quickly moved to say the market had taken Mr Draghi’s message the wrong way.
Investors were supposed to read the ECB chief’s comments as tolerance for weaker inflation, not an imminent policy tightening, anonymous sources told the media.
The news prompted the euro to fall to 1.1290 after it had earlier reached nine-month highs of 1.1378 against the dollar.
However, the eurozone currency picked back up as trading wore on to hover at around 1.1381.
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