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Hawkish Draghi

On currency markets the euro extended gains against the dollar after European Central Bank boss Mario Draghi said the EU was enjoying a newfound confidence that could unlock demand and investment.

And while he cautioned against winding down the bank’s easy money policy, analysts said the Italian was more Hawkish than expected.

Stephen Innes, senior trader at OANDA, said in a note: “An emphatically hawkish Mario Draghi suggests the ECB policy is on track while all but declaring victory over the eurozone inflation conundrum. Apparently, the ECB has taken a giant leap towards ending (its) ultra-loose monetary policy.”

The euro surged more than one percent above $1.13 and on Wednesday it pushed to highs not seen since August.

The greenback was also down against the pound on concerns about Trump’s agenda. It also dropped versus the yen although it held above 112 yen after top Federal Reserve officials indicated interest rates would rise further this year.

Oil prices were flat after jumping around two percent Tuesday as the commodity bounces back from sharp losses that saw it hit a 10-month low.


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Hawkish Draghi


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