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EUR/AUD Jumps as ECB’s Draghi Discusses Eurozone Recovery

27 June 2017 by News Desk

The euro made substantial gains against the Australian dollar during Tuesday’s European session following European Central Bank (ECB) Chief Mario Draghi speaking in Sintra. The EUR/AUD exchange rate rose by around 0.49% after Draghi spoke of the Eurozone’s ‘strengthening and broadening recovery’.

The central banker announced that factors weighing on inflation could be looked through by the ECB as they’re likely to be only temporary, but did clearly stipulate that monetary policy needs to remain loose.

However, not everyone has praised Draghi’s speech.

Bank of Montreal European head of foreign exchange strategy Stephen Gallo commented: ‘Mr Draghi continues to use the Eurozone’s structurally low-inflation environment as the crutch for a slow removal of policy accommodation.’

Meanwhile, Bank of England (BoE) Governor Mark Carney also made a speech in Tuesday’s European session, this time discussing the central bank’s latest Financial Stability Report. The report suggested banks will need to set aside funds to ensure they can provide for themselves in an economic downturn, whilst also suggesting lenders would need to tighten up rules and affordability checks on credit cards and mortgages.

The euro to Australian dollar (EUR/AUD) exchange rate is currently trending in the region of 1.4810. The pound to Australian dollar (GBP/AUD) exchange rate is in the region of 1.6768.

Disclaimer: This economic update is provided by FC Exchange a Global Reach Group Company, industry leaders in foreign exchange. Authorised affiliates are permitted to reuse content.

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