The ECB cares more about the change in the euro’s value than the actual level because that’s what affects inflation most. So, while it was ECB President Mario Draghi’s reference to “tapering” bond purchases in June that propelled the euro to its best level of the year, it has been the subsequent cautious approach to tapering that has stopped its advance.
The question now is not so much about the speed at which the ECB will move (it is committed to buying EUR30bn per month until Sep'18), but how…
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