Currently, EUR/USD is trading at 1.1314, up 1.18% on the day, having posted a daily high at 1.1336 and low at 1.1179.
EUR/USD’s fresh high came on the heels of Draghi who told an ECB symposium that “while there are still factors that are weighing on the path of inflation, at present they are mainly temporary factors that typically the central bank can look through,” noted Boris Korby and Greg Chang at Bloomberg who suggested that traders took these remarks from Draghi the potential for the start of the removal of some of the central bank’s stimulus.
EUR/GBP catches a bid on Draghi, can it now close above key Jan highs?
However, capping the bid were the additional cautionary comments from Draghi, “… a considerable degree of monetary accommodation is still needed for inflation dynamics to become durable and self-sustaining,” signaling no haste to fully dismantle the ECB’s asset-buying program, which is set to run at EU60b per month until the end of 2017.
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