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Yellen holds control of Draghi euro ambitions

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Yellen holds control of Draghi euro ambitions

Last week, Federal Reserve Chair Janet Yellen announced US interest rates could be going up sooner than investors expect. The news saw the euro tumble to under $1.35. Clearly, Draghi’s ambitions to weaken the euro are now at Yellen’s mercy as the latter’s influence proves much more solid than her European counterpart’s. evidence of this is last month’s move by Draghi which saw the key interest rate drop to under zero, the market reacted with a rise of 0.2% in the euro.

The euro is also losing its link with the continent’s bond market, as its correlation to the yield spreads of Italy, Spain and Portugal approaches zero.

The US’s power is evidently growing when it comes to the dealings in the euro-dollar. This is because with the assimilation of Draghi’s interest-rate cuts, the conclusion is that there are no more surprises in store. Surprisingly, the prospect of a Fed rate boost is also considered to be more important than the conflict in the Gaza Strip and international anger over the downing of a Malaysian airliner last week in Ukraine, according to Bloomberg.

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6th Floor, ABSA house,
Ebene Cybercity,
Mauritius,
J. Balcikonio str. 9,
LT- 08314, Vilnius,
Lithuania,

media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

Contact

Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.