Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Euro Strong Following Uneventful ECB Meeting

ByBenzinga
AuthorBenzinga
Published 12/06/2013, 03:47 AM
Updated 05/14/2017, 06:45 AM

The euro was steady above $1.36 to finish the week after the European Central Bank elected to maintain its current interest rate at its policy meeting on Thursday.

The common currency hit five week highs early on Friday as the dollar treaded water ahead of the release of new jobs data, due out later in the day.

The ECB decided to keep its interest rate at a record low of 0.25 percent as well as holding off on reducing its main deposit rate. At a press conference following the meeting, The Wall Street Journal reported that ECB President Mario Draghi reassured investors that further stimulus measures were not imminent.

Draghi also indicated that the decision to maintain current policies was an easy one and reiterated that the bank planned to maintain its accommodative stance for an “extended period."

Moving forward, eurozone finance ministers are expected to meet in Berlin on Friday to discuss the region's planned banking union. The bloc needs to agree on the terms and the implementation of a resolution mechanism which would help failing banks.

The finance ministers will likely discuss who will have final say over the resolution mechanism, as that has been the main point of contention. With so many countries all with different ideas of how the banking union should come together, most expect the group will not be able to reach an agreement by the end of 2013, as the EU originally expected. However, any forward progress is gratefully accepted as the banking union is considered by most as a vital step in preventing another financial crisis.

BY Laura Brodbeck

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.