EURUSD is down 1.16% at the time of writing after Draghi reaffirms ECB commitment to further easing. ECB will no longer “wait and see” but “work and assess”, according to Draghi, who said there was a rich discussion on the potential measures the ECB could take and that the relevant committees have been tasked to examine the pros and cons of the individual measures.
Draghi voiced his concern over growth prospects: “Concerns over growth prospects in emerging markets and possible repercussions for the economy from developments in commodity markets signal downside risks to the outlook for growth and inflation. The degree of monetary-policy accommodation will need to be reviewed at our December meeting when new macroeconomic projections will be available.” The message was clear that there should be further easing ahead this year. This was quickly reflected in price as EUR was sold against all the major currencies.
Janne Muta
Chief Market Analyst
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
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