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Draghi Cedes Euro Control to Yellen on Fed Rate Wagers
Mario Draghi’s ambitions to weaken the euro are at the mercy of Federal Reserve Chair Janet Yellen. The U.S. central bank chief sent the euro sliding below $1.35 last week for the first time since February when she said U.S. interest rates may rise sooner than investors expect. Her European Central Bank peer is having less impact: Draghi’s unprecedented decision to drop a key interest rate to below zero last month pushed the shared currency up 0.2 percent before Yellen’s speech. The euro is also losing its link with the continent’s bond market, as its correlation to the yield spreads of Italy, Spain and ... (full story)
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