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Euro Falls after Draghi's Comments Reinforce ECB QE Upgrade Bets

Euro Falls after Draghi's Comments Reinforce ECB QE Upgrade Bets

Bradley A. Kearns,

Talking Points:

  • ECB President Mario Draghi speaking at a cultural event in Frankfurt weighed in on monetary policy
  • Draghi stated that the bank stood ready to act should inflation fail to materialize according to plan
  • Comments reinforced the markets’ dovish expectations for the European Central Bank

Candlesticks are a great way to identify reversals in Forex markets. Read about DailyFX candlesticks here.

The Euro slipped against the US Dollar after comments from ECB President Draghi reinforced the markets’ speculation for an increase in the central bank’s stimulus package in December. During his speech in Frankfurt, the central banker said that the monetary policy package will be examined in December and that the ECB is willing to act to maintain monetary policy accommodation. The current asset purchases were said to have had “a favorable impact on the cost and availability of credit for firm and households”.

Draghi took the opportunity to play down concerns voiced by German colleagues that excessive accommodation would invite greater risks – as with moral hazard and deflated earnings for savers. He went on to reiterate concern over external factors that could weigh on Eurozone growth and inflation. Traders are pricing in a twenty percent probability of a rate cut at the next ECB meeting. However, most speculators and analysts expect escalation by the world second largest central bank would likely come in the form of an expansion of the quantitative easing program – either through size of purchases or a longer duration.

The ECB’s next scheduled monetary policy meeting – the final one this year – is scheduled for December 3.

Euro Falls after Draghi's Comments Reinforce ECB QE Upgrade Bets

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