Euro down on Draghi comments

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The Euro is trading lower today against the US dollar after a fiery monetary speech from ECB Mario Draghi earlier today.

At 9.46pm(GMT) the Euro was trading at US$1.1375 down 0.23 percent from yesterday’s trade.

In a no hold bars speech today, Draghi noted that he expects 2016 to be a tough year but the ECB was ready to do whatever it takes in order to boost inflation and get the economy going.

“We face uncertainty about the outlook for the global economy. We face continued disinflationary forces. And we face questions about the direction of Europe and its resilience to new shocks,” Draghi noted.

Adding to that, Draghi also said the ECB was ready to stand strong and fend off the inflation problem that the Eurozone is currently faced with.

"These decisions reaffirmed that, even when faced with global disinflationary forces, the ECB does not surrender to excessively low inflation." He said.

Many analysts took this as a sign that the European central bank was ready to increase it’s stimulus plan if needed, in order to solve the problem which sent the Euro lower with the prospect of a new bunch of government money flooding the Eurozone.

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