European Central Bank President Mario Draghi affirmed his commitment to a stimulus program, making it clear that the ECB is ready to increase the current stimulus package if needed. The announcement sent the Euro tumbling to a two-year low.
It fell 0.6 percent to 1.240 and touched 1.239 a level it has not traded at since August of 2012. A combination of a tightening policy by the Fed and loose monetary policy by the ECB has resulted in an extremely strong dollar against the euro.
European economic conditions have been declining for months, with stagnant growth and declining prices. The slide in the euro Thursday was not a huge surprise as Draghi was hinting towards the move for weeks. The currency market,however, may not have expected Draghi and the ECB to be so ...
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