Preview for ECB Rate Decision and Outlook for EUR-crosses
Jan 22, 2017, 00:43
Draghi is expected to talk down the rise in December inflation and deliver a dovish accompanying statement due the pending Eurozone risks, such as the upcoming German and French elections, Greek and Italian debt and the Brexit.
The euro fell to a day low of $1.0607 after Draghi said underlying inflationary pressures remained subdued and that, once the base effect of rising oil prices had been accounted for, there were still no real signs of a upward trend.
Defending ECB's current monetary policy, the bank chief Mario Draghi said the quantitative easing scheme would continue until inflation in the euro area goes back ECB's objective of "under but close to 2 percent".
It comes amid growing anger in Germany over European Central Bank policies, with the eurozone's largest economy seeing a large rise in inflation.
The euro slumped Thursday after European Central Bank chief Mario Draghi signalled that the time had not yet come to wind down unprecedented stimulus measures, although equities failed to get a boost.
Poloz made this announcement in the face of potential trade troubles from President Trump, sending the Canadian Dollar Euro exchange rate crashing down -0.5% in the process.
As attention turned to the press conference with Mario Draghi, President of the ECB, he stated that inflation pressures in the EU remain subdued and that the ECB will look through any near-term inflation pickups.
It is not the first time that Draghi and Schaeuble, two of the eurozone's most powerful officials, are at loggerheads over which monetary policy to pursue.
Dealers took a speech by Yellen on Wednesday as a hint that USA rates will rise further this year.
It also held the rate on its marginal lending facility unchanged at 0.25 percent and the rate on the deposit facility steady at minus 0.40 percent - meaning banks have to pay to park their excess cash with the ECB.
"This was exactly what the euro didn?t want to hear, causing the currency to shed 0.7 percent against both the dollar and the pound", said Connor Campbell, a financial analyst at Spreadex.
Sterling climbed 0.5 percent to $1.2320, having been knocked as low $1.2254 overnight by comments from Federal Reserve head Janet Yellen that US interest rates are likely to continue to gradually climb.
Asked about incoming USA president Donald Trump's remark that the dollar is "too strong" and "it's killing us", Draghi noted that there is a "very strong worldwide consensus to refrain from competitive devaluations".
"Our objective is the inflation rate for the whole of the eurozone", he said.
The automatic transmission now offered for the 2018 Ford Mustang is a new 10-speed tuned to the Mustang's performance needs. Owners can also use a dedicated smartphone application called FordPass to start, lock, unlock, and locate their vehicle .
All these estimations are supported by those of worldwide weather groups, including the World Meteorological Organization . The agency also noted that the record for the global temperature now has been broken five times since the 2000.
Protests and clashes continued Sunday despite a heavy presence of riot police deployed in predominantly Shiite areas. Amnesty International's Bahrain Deputy Director for Campaigns in Beirut, Samah Hadid said condemned the executions.
Saudi Arabia, the world's top oil exporter, told some Asian customers that it would reduce crude supplies slightly in February. Total global LNG consumption is projected to be 422 million tons in 2030 , nearly two-thirds higher than last year's level.
He had also announced setting up of "suggestion-cum-grievance" boxes to enable the complainant to approach him directly. The Army Chief inspected a parade commanded by Maj Gen Rajesh Sahai, Chief of Staff, Delhi Area.
Jammeh's tenure which was expected to expire by midnight on Wednesday was extended by 90 days by Gambia's Parliament. Those close to the new president say he has two major tasks to urgently tackle when he returns to Gambia.
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