Following Peter Navarro’s accusations of German manipulation of the euro (and the surge in the EUR relative to the USD), Angela Merkel has responded by explaining implicitly ‘it’s not my fault. Noting that she “can’t change the situation with respect monetary policy” (so blame Draghi), Merkel added she “doesn’t want to influence the euro exchange rate.” EURUSD is dropping a little on her headlines.
Chancellor Angela Merkel, asked about the euro’s exchange rate, says Germany has always supported an independent European Central Bank ‘which is why we won’t seek to exert influence over the ECB.’
‘I neither want to nor can I do something to change the situation.’ The reaction was a modest drop in EURUSD…
This post was published at Zero Hedge on Jan 31, 2017.
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