ECB President Mario Draghi Disappoints, EURUSD Extends Losses
The euro lost ground broadly versus its peers on Wednesday after Reuters reported that European Central Bank’s President Mario Draghi would not deliver any new policy messages at the U.S. Federal Reserve’s Jackson Hole conference.
The single currency fell for the third day in a row versus its American counterpart. The pair EURUSD edged 0.32 percent lower to trade at $1.16900.
The report published by Reuters on Wednesday poured cold water on any hopes for the ECB’s Governor to announce plans to scale back its monetary stimulus program at the U.S. Federal Reserve symposium next week. The source reported that Draghi would focus on fostering a dynamic global economy, which is the theme of the conference due to be held on August 25th, and therefore, may keep any policy discussion until the fall.
Sell Stop at 1.16800, Take profit at 1.16300, Stop loss at 1.17050