Euro Falls On ECB Draghi's Comments, Yemen Concerns
27 March 2015 - 2:40AM
RTTF2
The euro declined against the other major currencies in New York
deals on Thursday, as the European Central Bank President Mario
Draghi said that Eurozone recovery continues to be weak, while
escalating conflict in Yemen also weighed on sentiment.
Speaking to Italian lower house, Draghi noted that the ECB bond
buying program is having effect on the euro area economy. Monetary
policy coupled with weak oil prices and reforms are supporting the
economic activity, Draghi noted, adding that structural reforms are
also needed for economic growth.
Even though short term out look for the region appears more
favourable, recovery remains weak, Draghi indicated.
Saudi Arabia has launched airstrikes targeting Houthi rebels in
Yemen with the support of Gulf region allies and the U.S. The
country has been facing a power vacuum from January, when the
rebels staged an apparently successful coup, forcing president Abd
rabbu Mansour Hadi and his cabinet to resign.
The euro fell to 1.0909 against the greenback, off early 3-week
high of 1.1051. The euro remained lower against the franc, trading
at 1.0471.
Extending early decline, the single currency fell to a 3-day low
of 129.98 against the yen.
Pulling away from an early session's high of 0.7384 against the
pound, the euro was trading lower at 0.7364.
The next possible support for the euro is seen around 1.08
against the greenback, 0.73 against the pound, 128.5 against the
yen and 1.00 against the franc.
Euro vs CHF (FX:EURCHF)
Forex Chart
From Apr 2024 to May 2024
Euro vs CHF (FX:EURCHF)
Forex Chart
From May 2023 to May 2024