ECB’s Lagarde: Banking union needed to boost euro’s role

Following her meeting with the European Union leaders on Friday, Christine Lagarde, President of the European Central Bank (ECB), noted that she told the leaders that a banking union was needed to boost the euro’s role.  

Lagarde further added that she told EU  leaders that the growth outlook was stabilizing.

These comments were ignored by the market participants to allow the EUR/USD pair to extend its consolidation below 1.12. As of writing, the pair was up 0.4% on the day at 1.1175.