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EUR/USD hits fresh cycle lows as Draghi speaks

FXStreet (Córdoba) - EUR/USD slumped and hit fresh 26-month low amid European Central Bank President Mario Draghi comments on monetary policy.

The ECB President said the bank will soon begin to purchase asset-backed securities (ABS) and that along with other measures, this will have a sizable impact on the banks balance sheet, which the ECB expects to achieve the same dimension it had at the beginning of 2012.

Draghi also said they expect inflation to remain below but close to the 2.0% target, but that the Governing Council is unanimous on using additional measures if needed.

EUR/USD lost nearly 100 pips with the first remarks and hit a fresh 26-month low of 1.2405 so far. At time of writing, EUR/USD is trading at 1.2428, 0.45% below its opening price.

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