The dollar is gaining ground against both the Euro and the pound sterling Friday afternoon, but is basically flat in comparison to the Japanese Yen. The lack of U.S. economic data and the near absence of global economic data has investors kept the focus of investors where it has been for the past few day, on the central banks. Dovish comments from European Central Bank President Mario Draghi are responsible for the dollar’s strength against its top European rivals.
In remarks to the Frankfurt European Banking Congress, Mario Draghi pledged that the ECB would do what it must to raise inflation as quickly as possible.
“At the December Governing Council meeting we will thoroughly assess the strength and persistence of the factors that are slowing the return of inflation towards 2 percent,” Draghi said.
He added, “If we conclude that the balance of risks to our medium-term price stability objective is skewed to the downside, we will act by using all the instruments available within our mandate.”
Draghi’s remarks were seen as a sign that the ECB may ramp up its asset purchase program following its meeting next month.
The monetary stimulus measures already taken by the European Central Bank need more time to have a real impact on the Eurozone economy, but maintaining ultra-loose policy for a long time raises the risk of losing their efficiency, the bank’s policymaker Jens Weidmann said Friday.
“We need to be aware that the longer we stay in ultra-loose monetary policy mode, the less effective this policy will become and the more the attendant risks and side-effects will come into play,” Weidmann, who heads Germany’s Bundesbank, said in a speech at the 25th European Banking Congress in Frankfurt.
He pointed out the exuberance in some financial markets and the problems faced by life insurers as examples.
“We should not ignore the risk that fiscal policy could get used to the very low interest rates,” Weidmann added.
The dollar has climbed to around $1.0650 against the Euro Friday afternoon, from Thursday’s 4-session low of $1.0760.
Germany’s producer prices declined at the fastest pace since early 2010, data published by Destatis showed Friday.
Producer prices decreased 2.3 percent in October from last year, the biggest fall since February 2010, when prices declined 3 percent. Producer prices have been falling since August 2013. Economists had forecast prices to fall 2 percent after easing 2.1 percent in September.
The buck has risen to around $1.5190 against the pound sterling, from yesterday’s 2-week low of $1.5335.
U.K. public sector net borrowing, excluding public sector banks, increased unexpectedly in October, figures from the Office for National Statistics showed Friday. The PSNB, excluding public sector banks, climbed to GBP 8.2 billion in October from GBP 7.1 billion in the same month last year. Meanwhile, it was expected to narrow to GBP 6.0 billion.
Japan’s economy is expected to continue recovering moderately, the Bank of Japan said in its monthly report on Friday.
The bank reiterated that exports and industrial production are set to remain more or less flat for the time being, but after that, they are likely to increase moderately.
The greenback reached an early high of Y123.052 against the Japanese Yen, but has since eased back to around Y122.840, nearly unchanged for the session.
Right now it appears like Drupal is the best blogging platform out there right now. (from what I’ve read) Is that what you are using on your blog?
I’m really enjoying the design and layout of your website. It’s a very easy on the eyes which makes it much more enjoyable for me to come here and visit more often. Did you hire out a designer to create your theme? Fantastic work!
Wonderful blog! I found it while browsing on Yahoo News. Do you have any suggestions on how to get listed in Yahoo News? I’ve been trying for a while but I never seem to get there! Cheers
Heya just wanted to give you a brief heads up and let you know a few of the pictures aren’t loading properly. I’m not sure why but I think its a linking issue. I’ve tried it in two different web browsers and both show the same outcome.
Hey! I know this is kinda off topic but I was wondering which blog platform are you using for this website? I’m getting sick and tired of WordPress because I’ve had issues with hackers and I’m looking at alternatives for another platform. I would be fantastic if you could point me in the direction of a good platform.
Hello, i read your blog from time to time and i own a similar one and i was just wondering if you get a lot of spam responses? If so how do you prevent it, any plugin or anything you can advise? I get so much lately it’s driving me crazy so any assistance is very much appreciated.
This is certainly good news to the players because it is their chance
to take advantage of the casino’s ongoing struggle to move
forward. However if you don’t wish to play online poker on the web you can very easily to decide to participate in the activity of sport betting.
Creating an image that makes other gamers feel you’re competition is essential.
Hello! Quick question that’s completely off topic. Do you know how to make your site mobile friendly? My web site looks weird when viewing from my iphone 4. I’m trying to find a template or plugin that might be able to resolve this problem. If you have any recommendations, please share. Many thanks!
First of all I want to say awesome blog! I had a quick question in which I’d like to ask if you don’t mind. I was curious to know how you center yourself and clear your head before writing. I’ve had a hard time clearing my mind in getting my thoughts out there. I do enjoy writing but it just seems like the first 10 to 15 minutes are generally lost just trying to figure out how to begin. Any ideas or hints? Many thanks!
I love your blog.. very nice colors & theme. Did you design this website yourself or did you hire someone to do it for you? Plz respond as I’m looking to construct my own blog and would like to know where u got this from. many thanks