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Anzo Lim

EUR/USD: Draghi Will Leave His Post as ECB President

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European Central Bank (ECB) will announce its latest interest rate decisions on Oct 24th, 11:45 UTC+00:00, while ECB President Mario Draghi will speak at his last press conference as president. The market expects Mr. Draghi to strongly advocate for Septembers stimulative measures and call for more support from the public.

 

Euro zone recorded inflation of 0.8% last month. The ECB just announced new asset-purchase scheme six weeks ago, while cutting interest rates and promising further easing measures when necessary. A problem that ECB faces is that some key factors weighing down on prices remain out of its control. These factors range from demographic structure to technological advancements and even Euro zones economic dependence on exports, typically demonstrated by manufacturing sector in Germany.

 

As the ECBs ammunition of stimulus is running out, Mr. Draghi and his successor may continue to call for more investments from member countries with financial surplus such as Germany and the Netherlands to revive economy within the European Union. But experts from Oxford Economic Institute observed that large-scale stimulus may be less likely unless the economic recession gets worse.

 

EUR/USD daily pivot points: 1.1123--1.1127

 

S1: 1.1110               R1: 1.1144

 

S2: 1.1091               R2: 1.1159

 

Source: WikiFX App

 

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