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Euro down on ECB comments

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The Euro pulled back sharply in late trade Friday as some began to question whether ECB president Mario Dragi would be able to keep to his word by not raising interest rates any further in the Eurozone.

At close of trade on Friday the Euro / US dollar pair finished the week 0.43 percent lower at US$112.71 after reaching a high of US$113.38 earlier in the day.

Coming just days after an announcement by ECB president Dragi that the central bank would move forward with their increased stimulus program while holding fire on lifting rates further, ECB Chief Economist Peter Praet weighed into the picture.

He noted that a further cut in rates was definitely not out of the question and that the ECB still has some leeway to make such a move,

“If Negative shocks should worsen the outlook or if financing conditions should not adjust in the direction and to the extent that is necessary to boost the economy and inflation, a rate reduction remains in our armoury.", he said in an interview published on the ECB’s website Friday.

“We have not reached the physical lower bound.” He added.

The conflicting statements show a deep division between members of the ECB on how to move the European economy forward.

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