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Euro TUMBLES against pound as Mario Draghi issues fresh European Central Bank policy warning

18 Juin, 2019, 17:12 | Auteur: Auguste Feret
  • EUR to USD four hour chart

"Mario Draghi just announced more stimulus could come, which immediately dropped the Euro against the Dollar, making it unfairly easier for them to compete against the USA", Trump wrote on Twitter.

"In the absence of improvement, such that the sustained return of inflation to our aim is threatened, additional stimulus will be required", Draghi said, speaking at the ECB's annual meeting in Sintra, Portugal.

With just four months of his eight-year term left, the slowdown in the eurozone may threaten to unpick Draghi's legacy. The Italian's promise in 2012 to do "whatever it takes" to save the euro is widely credited with holding together the currency bloc during the darkest days of its sovereign debt crisis. His suggestion that China and the euro area are deliberately aiming for weaker exchange rates against the dollar underpins his broader view that big United States trading partners have been competing unfairly to the detriment of American workers.

Reopening a spat over transatlantic trade with the European Union that has repeatedly flared-up during Trump's presidency, he warned Brussels it had been "getting away with this for years, along with China and others".

Trade is a main policy issue for Trump, who has raised disputes with a number of rival world economies including the European Union.

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The comments from Mr Draghi sent the euro falling against Sterling earlier this morning, with the pound worth €1.1197 at 10.03am BST. He added there was still "considerable headroom" for more asset purchases and "further cuts in policy interest rates and mitigating measures to contain any side effects remain part of our tools".

He also said the European Central Bank could offer "mitigating measures" to offset the unwanted side effects of negative rates, a comment indicating that a multi-tier deposit rate was also on the table.

He added that the ECB would use the "coming weeks" to study its options, suggesting that action from the bank may come sooner rather than later.

While no rate move is expected as Fed policy makers gather Tuesday and Wednesday, economists and investors generally agree it will cut borrowing costs this year.

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