Draghi Statement Sends Euro Lower Against Majors

It’s been an interesting week in the financial markets, and now the ECB is adding its bit. The latest statement from Mario Draghi is sending the euro lower against its major counterparts as Forex traders get ready for more easing.

This month, as expected, the ECB kept rates steady. After the disappointment in December, few analysts expected policymakers to make a move. However, ECB President Mario Draghi did surprise nearly everyone during his policy statement following the interest rate announcement. Draghi has hinted at further easing from the ECB by March, and that has sent the euro lower against its major counterparts.

The news comes as global stock markets start to make a small recovery from the bloodbath that has been this week so far. There are concerns that things aren’t done yet. Some experts think that the markets have further to fall, and China is still a concern. As a result, there is some uncertainty, and high beta currencies are likely to continue to struggle.

At 14:47 GMT EUR/USD is heading lower, down to 1.0820 from the open at 1.0891. EUR/GBP is also going down, dropping to 0.7660 from the open at 0.7685. EUR/JPY is down as well, falling to 126.7900 from the open at 127.2860.

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