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When asked about Germany’s Constitutional Court ruling on the European Central Bank’s bond-buying programme, “we are undeterred,” Christine Lagarde, President of the ECB, said on Thursday. “The ECB is accountable to the European parliament and driven by its mandate.”

Market reaction

The EUR/USD pair recovered modestly from its daily lows after these comments and was last seen down 0.12% on the day at 1.0782.

About ECB President Lagarde

The European Central Bank’s President Christine Lagarde, born in 1956 in France, has formerly served as Managing Director of the International Monetary Fund, and minister of finance in France. She began her eight-year term at the helm of the ECB in November 2019. As part of her job in the Governing Council, Lagarde holds press conferences in detailing how the ECB observes the current and future state of the European economy. Her comments may positively or negatively the euro’s trend in the short-term. Usually, a hawkish outlook boosts the euro (bullish), while a dovish one weighs on the common currency (bearish).