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Frantic Friday: China Cuts Interest Rates, Draghi Lays Euro Low
Currency markets are hopping on Friday following two earth-shattering developments courtesy of European Central Bank (ECB) chief Mario Draghi and the People’s Bank of China (PBoC). The EUR (€1.2438) took a sharp turn lower after Draghi’s speech regarding inflation at the Euro Banking Congress in Frankfurt earlier today. The ECB chief again indicated that the eurozone’s policymakers will do what they must to raise inflation back to the desired target. His assessment of growth and inflation is supporting market expectations that the ECB will need to adopt full-blown quantitative easing sooner rather than later. ... (full story)