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Euro stumbles to lowest in almost a year

Monday, August 25 08:21:04

The euro fell to its lowest in nearly a year against a broadly firmer dollar on Monday after comments from the head of the European Central Bank raised prospects of more policy easing as early as next week.

The common currency skidded to $1.3185 in early trade, its lowest since September 2013, from around $1.3246 late in New York on Friday. It was last at $1.3204, down about 0.3 percent on the day.

That helped lift the dollar index up about 0.2 percent to 82.528, heading towards its Sept. 5 peak of 82.671. A break above that would take it to levels not seen since July 2013.

In a stronger language than he has used in the past, ECB President Mario Draghi on Friday confirmed the central bank is prepared to respond with all its "available" tools should inflation drop further.

The ECB holds its next policy review on Sept 4.

Ahead of that, investors will scan euro zone inflation data due on Friday. Analysts polled by Reuters expect annual inflation to have slowed to 0.3 percent in August from 0.4 percent in July. That is well below the ECB's danger zone of 1.0 percent and its target of just under 2.0 percent.

In contrast, Federal Reserve Chair Janet Yellen on Friday gave a nod to the concerns of some Fed officials about the sustained level of monetary policy stimulus, even as she stressed the need to move cautiously on raising rates. (Reuters)

For more visit: www.businessworld.ie