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Same old Peter Paret once again, however not so same Euro.
Mr. Paret once again dropped plenty of hints that European Central Bank (ECB) is not done with rate cuts, countering Mr. Draghi’s last meeting view that further rate cuts not anticipated as necessary. So, if it is Mr. Paret’s attempt to talk down the Euro, it is not likely to meet with much success.
Euro touched six month high against Dollar today around 1.145 area, breaking above recent high of 1.143 against Dollar.
Euro has fallen after Mr. Paret’s hint but that can be attributed to broader strengthening of Dollar not fall of Euro alone.
Mr. Paret defended, European Central Bank’s monetary stance speaking at a debate "What are the appropriate instruments to bring inflation back to target in a world of systematic disinflation?" at ECB, Frankfurt, saying that without ECB actions Euro zone would have been in deflation in 2015 and current and future inflation till 2017 would be lower by 0.5% and GDP would have been lower by 1.5%.
According to him further shocks were to materialize, ECB will recalibrate the measures once more.
Euro is currently trading at 1.14 per Dollar.
