ECB’s Lagarde On ‘New Challenges In A Changing World’: Inflation far too high in Europe
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The European Central Bank will keep raising interest rates quickly to slow inflation which remains far too high, ECB President Christine Lagarde said on Monday, largely repeating the bank’s most recent policy guidance.
“We have made it clear that ECB interest rates will still have to rise significantly at a steady pace to reach levels that are sufficiently restrictive, and stay at those levels for as long as necessary,” Lagarde said in a speech.
“In other words, we will stay the course to ensure the timely return of inflation to our target,” she added.
All in all, ECB’s Laragre says inflation is far too high and the euro is rallying on the back of the speech.
More to come…
EUR/USD has found support on the European Central Bank officials’ comments this week so far as they are signalling additional jumbo interest rate rises in Europe. At the time of writing, EUR/USD is moving up on Lagard’s comments and has rallied from a low of 1.0845 to a high of 1.0926 so far.
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