Euro garners support as Draghi sounds less dovish
Comments by ECB president Mario Draghi helped support for the euro. Mr Draghi was addressing a press conference after the ECB’s decision to keep rates on hold at 1% was announced.
ECB president sounded less dovish, by not hinting to further loosening; he said that liquidity remained abundant for the time being but despite this, he added that it was still not the time for an exit strategy. Mr Draghi said that the ECB had not discussed an interest rate cut despite overall weaker data.
Mr Draghi said that the ECB needed more time to assess the full effect of the LTROs.
Following the conference the EUR/USD rose to day’s highs at 1.3180.
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