Forex: EUR/USD sharply falls to a three-week low

on Jun 26, 2013
Listen Wednesday June 26th:_ The euro descended to a 23-day low of 1.3012 against the USD following European Central Bank president Mario Draghi’s address to the French National Assembly in Paris half-way through European trading today. Draghi observed that monetary policy will stay accommodative, blunting the relative allure of assets denominated in the single currency, and added that the ECB has an open mind about other possible measures that the bank may consider it appropriate to adopt.

Although ECB monetary policy cannot per se create real economic growth, the bank is ready to take fresh action when needed, said Draghi.
But, he stressed, “The ECB has done as much as it can to stabilize markets and support the economy. Now governments and parliaments need to do all they can to raise growth potential.“

Earlier in the day a forecast was released for the July reading of the Germany’s GfK Consumer Confidence survey, with predictions of an increase to 6.8 points, as against this month’s 6.5.
Yesterday US consumer confidence was reported as having risen to 81.4 for the current month, well up on May’s 74.3 and a high since January 2008. An increase was also reported for US house prices in April, with prices rising 0.7 percent on a seasonally adjusted basis against the previous month’s 1.5 percent increase.
European Union finance ministers are meeting today in Brussels.


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