ECB Concerned About Euro Strength

The euro dropped to a three-week low of $1.1662 on Thursday after minutes from the European Central Bank’s July policy meeting showed policymakers were worried about a possible overshoot in the euro.

The move put the single currency, already sharply down on the day against the dollar, on track for its biggest daily loss in more than four months.

The minutes showed rate-setters were highly aware of the risk that the euro could threaten the ECB’s efforts to get inflation higher as they decided against any change to their pledge for continued monetary stimulus last month.

Reuters

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