ECB President Mario Draghi put the exchange rate firmly on the table. The high euro dampens growth and inflation forecasts and were mentioned very frequently. What about QE tapering? The bulk will come in October, rather than December.
EUR/USD ignores the complaints and rises some 80 pips. Preview: ECB Preview: Low expectations could send the euro shooting higher.
Highlights
- We will make a decision in the Autumn – bulk in October
- Only a preliminary discussion now
- Growth is good, 6 million jobs added since 2013
- But the exchange rate is worrying, dampening growth and inflation
- Inflation is rising moderately but lacking a sustained upward trend
Here is how the move looks on the 30-minute EUR/USD chart:
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