Euro Tumbles As Draghi Says “ECB Will Do What It Must To Raise Inflation” But Drop May Not Last

Jon Alternative Media, Blogosphere, Economy, Fiscal Policies, Government

Yesterday, there was pent up expectation that the ECB’s latest minutes, by being structurally dovish and thus the opposite of the Fed’s own minutes, would unleash another round of EUR weakness. This did not happen, and instead not only did the EUR jump during the day, but the USD saw an unexpected round of all day weakness. Many were surprised by this response. It turns out Mario Draghi was merely biding his time, and in a speech released moments ago, titled “Monetary Policy: Past, Present and Future” delivered at the European Banking Congress, Draghi pulled another “whatever it takes” card, and promptly sent the Euro currency reeling, if only for the time being.
Here are the key highlights:
DRAGHI SAYS ECB WILL DO WHAT IT MUST TO RAISE INFLATION QUICKLY DRAGHI: ECONOMY NEEDS MORE AID IF RECOVERY NOT SELF-SUSTAINING DRAGHI: BALANCE OF RISKS TO PRICE STABILITY SKEWED TO DOWNSIDE

This post was published at Zero Hedge on 11/20/2015.