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Draghi Repeats: No Higher Rates, Euro Slides

Draghi Repeats: No Higher Rates, Euro Slides

Benjamin Spier, Technical Strategist
  • ECB’s Draghi says rates to remain at current or lower levels
  • Euro-zone inflation slightly above a 3-year low
  • EUR/USD declines on the comments

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The Euro declined about 20 pips against the US Dollar, as European Central Bank President Draghi said that he expects key interest rates to remain at current or lower levels given the subdued inflation rate.

The comments were similar to those Draghi made following the August ECB meeting. However, the August comments were soon contradicted by a statement by the Bundesbank saying that the ECB doesn’t rule out a rate increase. Draghi also added today that the Euro-zone economy remains fragile and unemployment is far too high.

Furthermore, inflation was confirmed today to have fallen back to 1.3% in August, barely above a 3-year low at 1.2% and well below the ECB’s 2% target inflation rate. The lower inflation rate allows or may lead the central bank to remain accommodative, as was referred to by Draghi.

The Euro is currently trading around 1.3350 against the greenback at the time of this writing. The pair may see resistance by a 7-month high, currently sitting at 1.3451.

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EURUSD Daily: September 16, 2013

Draghi_Reiterates_No_Higher_Rates_Euro_Slides_body_eurusd_daily_chart.png, Draghi Repeats: No Higher Rates, Euro Slides

Chart created by Benjamin Spier using Marketscope 2.0

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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