|01-23-2015, 05:51 PM||#1|
Euro dips to 11-year lows vs. greenback, ECB move still weighs
The euro slipped to 11-year lows against the U.S. dollar on Friday, following the European Central Bank (ECB) announcement to pump more that trillion euros to support the euro zone.
The single currency retreated yesterday achieving the biggest daily loss in three years after ECB President Mario Draghi said it will make monthly purchases of €60 billion per month, starting in March and continuing until September 2016.
Despite the upbeat manufacturing data from euro zone countries released today, the euro continued its drop and the negative pressure is expected to remain in light of the historical quantitative easing measures.
The EUR/USD pair recorded fresh new lows since September 2003 around 1.1258, and is trading around 1.1183 at 12:02 GMT.
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