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Draghi: Interest rate cut due to economic slowdown in Eurozone core

FXstreet.com (Barcelona) - ECB president Mario Draghi, who has been awarded an honorary degree from the LUISS University of Rome today, spoke afterwards about the central bank’s decision to cut the main refinancing rate to 0.5% last week.

The ECB head explained that the reduction had been carried out due to the economic slowdown which now affects also the core Eurozone countries.

He said that Eurozone governments should “mitigate the impact of austerity on growth” and stressed the dangers connected with elevated youth unemployment in the area.

Mario Draghi refrained from commenting on the possibility of introducing negative interest rates.

Canada: Ivey Purchasing Managers Index disappoints at 52.2 in April

Analysts were already expecting a drop from the very strong March figure at 61.6 to a still very expansionary PMI at 58.3 in April, but actual data came in much lower, with a seasonally adjusted data at 52.2. The “non-adjusted” fell from 64.4 to 50.9.
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AUD/USD seeking a new range - RBA Tomorrow

The Aussie has in fact failed to break lower than 1.0200, nor could it break out higher through 1.0400 on last weeks attempt at the start of this month.
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