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.

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.

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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.
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