Euro volatile after Draghi speech

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The Euro traded wildly today after a speech by ECB president Mario Draghi before settling down and remaining largely unchanged for the day.

At 7.35pm (GMT) the Euro was trading at $US1.1290 down   0.06 percent from yesterday’s trade.

In his latest speech ECB president Mario Draghi came out today with all guns blazing to fend off criticism from Germany that ultra low interest rates are promoting right wing nationalism in their country.

The source of the feud was German finance minister, Wolfgang Schäeuble, who noted that low interest rates were hitting the bottom line of German banks as well as pensioners.

Draghi fired back by adding the ECB is an independent institution and any interference would undermine the Central banks credibility

 “We have a mandate to pursue price stability for the whole of the Eurozone not only for Germany he said.

“We obey the law, not the politicians, because we are independent as stated by the law.” He added.


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