The
shared currency erased losses versus the dollar just hours after
European Central Bank President Mario Draghi said the central bank may
reconsider its policy stance in March amid a deteriorating economic
outlook and turmoil in global markets. The euro remained lower versus
the currencies of commodity exporters, including Canada, South Africa
and Australia, as risk assets rallied.
Policy
makers are struggling to lift inflation, a goal of the ECB, as tumbling
commodities continue to weigh on consumer prices. Growing concern about
a slowdown in China has roiled markets around the world, further
complicating the task. While Draghi reiterated that the euro is “not a
policy target,” he said the ECB was conscious of the effective exchange
rate. Easing typically weakens a currency, which can help stimulate
growth and inflation.
The
euro fell as much as 1.2 percent, the most since Jan. 8, before trading
little changed at $1.0882 as of 2:36 p.m. in New York. The currency
lost more than 1 percent versus the Canadian dollar, South African rand
and Australian dollar. The euro is up 0.2 percent versus the dollar this
year after weakening more than 10 percent during each of the past two
years.
Source : Bloomberg
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