ECB member Jens Weidmann speaks in Frankfurt:
- the agreed stimulus measures must be given time to show results
- this time can be granted, because there are no signs of ECB credibility being hurt by low inflation
- no sign of downward price spiral
- risk and benefits of unconventional policy need to be weighed
- accomodative policy to stay in the foreseeable future
- fx is an important monetary policy transmission channel but it mustn’t turn into an active policy instrument
EURUSD back to daily tops despite no losses of USD against many of the remaining major currencies.
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