January 31, 2018

Orbex, ECB leaves its key rates unchanged & concerns over Mnuchin's comment on US economy

Draghi is concerned about the comments from the U.S. Treasury Secretary Steven Mnuchin…

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This article is originally referred from Orbex Market Recap.

Another week gone by and there seems to be no respite for the declines in the USD which come under further selling pressure last week.

The declines in the USD were accentuated by comments from the U.S. Treasury Secretary Mnuchin who said that a weaker dollar was good for the U.S. economy.

This sent the dollar plunging as the British pound and the euro managed to rise to fresh highs.

On Friday, the advanced GDP report showed that the U.S. economy expanded at a pace of 2.6% on the quarter ending December 2017.

ECB keeps policy unchanged. Tolerates euro strength

The European Central Bank’s monetary policy meeting offered to cheered the euro bulls as Mario Draghi offered little concerns on the recent appreciation in the euro’s exchange rate.

As widely expected, the ECB left its key rates unchanged across the board and also maintained its asset purchases steady at a pace of 30 billion euro a month.

At the press conference, the ECB President Draghi expressed concerns about the volatility in the exchange rate but differed from making any direct references.

When quizzed directly about whether the euro’s exchange rate was a concerned, Draghi said that it wasn’t the central bank’s mandate to target exchange rate.

He however conceded that recent comments from the U.S. Treasury Secretary Steven Mnuchin who talked down the U.S. dollar brought about some uncertainty to the ECB’s monetary policies.

Original Source: Orbex Market Recap

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