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Euro climbs after Draghi says 'global recovery firming up'

Published 08/25/2017, 03:22 PM
Updated 08/25/2017, 03:22 PM
© Reuters.

© Reuters.

Investing.com – European Central Bank president Mario Draghi said the recovery in global economic growth remained on track but offered no insight on the central bank's plan to taper monetary policy, in a speech at Jackson Hole on Friday.

In a speech titled “Sustaining openness in a dynamic global economy”, Draghi said the global recovery is firming up, highlighting that growth has been “visible for some years”, particularly in the US, Europe, and Japan.

As was widely expected Draghi steered clear of talking about monetary policy but warned that protectionism poses a serious risk for continued productivity growth and potential growth in the global economy.

The speech came a few days after an earlier speech Wednesday, when Draghi avoided any mention of the ECB's plan to taper its ultra-loose monetary policy measures, leaving markets grasping at straws.

EUR/USD surged 1.03% to $1.1923 while gold futures were little changed at $1,295.96 up 0.32%.

The surge in the euro dented the dollar which fell close to session lows against its rivals.

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