Exchange Rate 'Volatility' Is 'Source of Uncertainty': Draghi
00:35, Jan 28, 2018
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He said several European Central Bank policymakers at a meeting on Thursday had questioned a change in US policy. If the value of the US Dollar continues to fall then exports will become cheaper and the US trade balance should start to tighten up.
The dollar fell to $1.25 for the first time in more than three years, after US Treasury Secretary Steven Mnuchin claimed a weaker dollar was "good" for the world's top economy, as it boosted US trade opportunities.
His comments were optimistic and this helped to underpin the the single currency, lifting the Key EUR/USD exchange rate to above 1.25.
Draghi also said that recent swings in the euro exchange rate with the dollar mostly up in the past few days were "a potential source of instability" that required "monitoring".
The European Central Bank kept its policy on hold today, as expected.
The euro has gained about 5% since the start of the year, fuelled by speculation about further steps by the European Central Bank to wind down its monetary stimulus plan and after US Treasury Secretary Steven Mnuchin declared this week that a weaker greenback was "good for US trade".
"The most interesting thing for this meeting will be exactly how they are going to try and clarify some of their comments that came out after the December minutes that were interpreted as hawkish", said Alessio de Longis, portfolio manager for OppenheimerFunds' global multi-asset group.
The purchases, already twice reduced, are set to run until the end of September and investors are betting on their end in the fourth quarter.
Stimulus withdrawal has been much discussed in markets because the eurozone economy is growing strongly.
The purchases pump newly created money into the economy to raise inflation and growth in the wake of the 19-country eurozone's crisis over high debt in member states like Italy and Greece. Germany's Ifo index of business sentiment matched its record high in January, and surveys show business activity is expanding rapidly.
Part of his holding pattern approach, Draghi also kept the bank's guidance unchanged, maintaining a promise to continue asset buys until a sustained rebound in inflation, even after policymakers agreed in December to begin work in early 2018 to draft a new guidance.
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