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ECB Bond-Buying Weakened Euro 12% Against US Dollar, Study Finds
The European Central Bank’s quantitative-easing program has significantly weakened the euro. According to a study by ECB researchers, the bond-buying plan that is set to top 2.6 trillion euros ($2.9 trillion) at the end of this year lowered the euro-dollar exchange rate by about 12 percent -- more than half of the single currency’s depreciation between September 2014 and the end of 2016. Most significantly, the impact takes a long time to fade. The study finds that, as a rule of thumb, when the ECB balance sheet expands by 1 percentage point compared to that of the Fed, the euro depreciates by about 0.35 ... (full story)
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