Incoming ECB President Lagarde: Highly accommodative policy warranted for prolonged period, EUR/USD regains 1.10
|European Central Bank’s (ECB) nominated President Christine Lagarde is on the wires now, via Reuters, speaking in front of the Committee on Economic and Monetary Affairs (ECON) of the European Parliament.
Key Headlines:
Euro area economy faces near term risks.
Inflation persistently too low.
Highly accommodative policy warranted for prolonged period.
Must be mindful of negative effects of unconventional policies.
Tech change, climate change present future challenges.
Banking, capital market union must be completed.
Review of monetary framework is warranted.
Despite the dovish comments from the next ECB Chief, the EUR/USD pair extended the recovery and regained the 1.10, helped by ongoing US dollar decline across the board.
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