Euro dips to 11-year low, ECB move weighs
ecPulse
2015-01-23 13:30PM UTC
The euro slipped to 11-year lows against the U.S. dollar on Friday, following the European Central Bank (ECB) announcement to pump more that trillion euros to support the euro zone.
The single currency retreated yesterday achieving the biggest daily loss in three years after ECB President Mario Draghi said it will make monthly purchases of €60 billion per month through September 2016.
Despite the upbeat manufacturing data from euro zone countries released today, the euro continued its drop and the negative pressure is expected to remain in light of the historical quantitative easing measures.
EUR/USD hit fresh low since September 2003 around 1.1258 trading around 1.1183 at 12:02 GMT.
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