ECB's Schnabel: Monetary policy has had a weaker impact on dampening demand for services
European Central Bank (ECB) executive board member Isabel Schnabel is speaking about the Payment Methods Survey of Companies in Switzerland 2023 on Friday.
She said that “monetary policy has had a weaker impact on dampening demand for services.”
“We're starting to see that firms are beginning to absorb higher costs into their profit margins,” Schnabel added.
The policymaker went on to say that she is “confident that risks of de-anchoring of inflation expectations have come down.”
Market reaction
EUR/USD is losing ground toward 1.0800, unfazed by the above comments.
Euro price today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the weakest against the US Dollar.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | 0.06% | 0.06% | 0.14% | 0.08% | 0.18% | 0.19% | 0.21% | |
| EUR | -0.06% | 0.01% | 0.08% | 0.03% | 0.12% | 0.13% | 0.14% | |
| GBP | -0.05% | 0.00% | 0.08% | 0.01% | 0.12% | 0.13% | 0.12% | |
| CAD | -0.14% | -0.09% | -0.08% | -0.09% | 0.05% | 0.05% | 0.06% | |
| AUD | -0.08% | -0.04% | -0.02% | 0.06% | 0.10% | 0.12% | 0.09% | |
| JPY | -0.19% | -0.11% | -0.11% | -0.04% | -0.10% | 0.01% | 0.01% | |
| NZD | -0.21% | -0.15% | -0.13% | -0.05% | -0.12% | -0.01% | -0.01% | |
| CHF | -0.20% | -0.14% | -0.14% | -0.05% | -0.14% | -0.02% | 0.01% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
