from Dan Norcini:
I might add to the title the following words, ” By Design”.
ECB President Mario Draghi, apparently was feeling the heat from Eurozone manufacturing interests, exporters and some politicians, all of whom have been complaining and moaning about the relative strength of the Euro.
It was apparent that his remarks yesterday were designed to try to do something about that and judging from subsequent market price action, it worked!
The Euro fell from up near 1.40 ( a key level in my view that they will not tolerate ) all the way to down below 1.375. That is a drop of nearly 2% in the currency in two days’ time. Not bad for a few minutes of speaking!
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