Draghi Spares Euro Slow & Painful Descent

by Ashraf Laidi

Nov 7, 2013 17:32

Today's surprise ECB rate cut is seen less negative for the euro than had the ECB waited until December, in which case the currency would have been more likely to descend into a slow drag until December. Although the refi rate spread with the deposit rate is at its lowest since the euro began trading, stabilisation is seen ahead. Charts & analysis

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