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EUR Climbs as Draghi Praises Strengthening Recovery

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The European Central Bank (ECB) will have to be prudent to gradually adjust its monetary stimulus to the economic recovery, Mario Draghi, the president of the central bank, said Tuesday.

Speaking at the European Central Bank Forum in Sintra, Portugal, Draghi made it clear however that the current stimulus needs to remain in place as inflation dynamics remain “more muted than one would expect.”

“We can be confident that our policy is working and its full effects on inflation will gradually materialize. But for that, our policy needs to be persistent, and we need to be prudent in how we adjust its parameters to improving economic conditions,” Draghi said.

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
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