Euro Beats Dollar on European Central Bank Comments
European Central Bank (ECB) President Mario Draghi announced today that the bank will maintain its current monetary policy but will do more if the economy requires. This, combined with the U.S. government’s ongoing shutdown, caused the euro to soar to an eight-month high against the U.S. dollar. “The euro’s rally has more to do with what Draghi did not say than what he did say,” said Camilla Sutton, chief currency strategist at Scotiabank in Toronto. “There was not much change to his stance and it removed the uncertainty headed into the meeting that he would sound more dovish,” she said.