|01-16-2015, 09:30 PM||#1|
Euro drops to its lowest since 2003 against greenback
The euro fell against the U.S. dollar on Friday after releasing inflation data for the euro zone confirming expectations of entering deflation, making speculations of buying government bonds a reality.
The final reading for the Consumer Price Index for December 2014 showed deflation by 0.2%.
Investors are looking ahead for the European Central Bank meeting next Thursday, which is confirmed now by using the program of buying government bonds to support the deteriorating euro zone economy, and push inflation levels that reached 2% away of the bank’s target.
The euro slipped yesterday after the Swiss National Bank ended its minimum exchange rate of 1.20 franc/euro and pushed interest rates deeper into negative territory, cutting the three-month LIBOR rate to -0.75% from -0.25%.
The single currency dropped against the dollar trading around its lowest from 11 years, as the pressure of quantitative easing is gradually increasing on the euro.
EURUSD dropped by 0.38% around 1.1584 at 11:24 GMT, compared with the entry levels at 1.1628.
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