Euro set for best week since May after ECB opts for big hike - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

  • 📰 SABCNews
  • ⏱ Reading Time:
  • 28 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 51%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

The euro headed for its best week since May on Friday after the European Central Bank (ECB) raised borrowing costs more than expected overnight in its first rate hike since 2011.

However, the single currency was well off Thursday’s knee-jerk peak after ECB President Christine Lagarde said that while the monetary authority was moving faster than previously signalled, the terminal rate had not changed.

“The details, conditionality and what would justify activation was vague and did little to inspire confidence in light of the Italian political situation,” Tapas Strickland, a markets economist at National Australia Bank, wrote in a note. The single currency eased 0.2% on Friday to $1.0205, giving back a little of the previous session’s 0.5% advance, but remained on course for a 1.21% weekly rally.

Japan’s currency, which is particularly sensitive to changes in US yields, headed for its first winning week since late May.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 37. in NG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

It's so hard

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: ECB Hike Showcases the Death of Central Banks’ Forward GuidanceThe European Central Bank’s decision Thursday to raise interest rates by double the amount that top policy makers had signaled showcases the end of a tool that monetary chiefs have relied on for more than a decade now: forward guidance.
Source: dailymaverick - 🏆 3. / 84 Read more »