Chart of the day: Euro finding bottom
The euro fell for a third week, and potentially a fifth month, against the US dollar. Following the European Central Bank meeting, Mario Draghi dropped hints that a further €1 trillion would be added in unconventional easing of monetary policy.
The euro fell for a third week, and potentially a fifth month, against the US dollar. Following the European Central Bank meeting, Mario Draghi dropped hints that a further €1 trillion (HK$9.5 trillion) would be added in unconventional easing of monetary policy. With the euro trading under US$1.24 for the first time since the summer of 2012 (when he said he "would do whatever it takes" to support the currency), it is obvious many problems are not resolved. Halfway between the record low of 2000 (82.25 US cents) and the record high in 2008 (US$1.604), watch for signs of basing like the four previous occasions with quarterly lows annotated.