The euro has had a wild ride on Thursday.
European Central Bank president Mario Draghi held a news conference on Thursday explaining the ECB’s most recent monetary policy decision, which saw the ECB keep interest rates unchanged, as expected.
The euro’s surge took off after Draghi gave a longer-than-expected timeline for potential additional stimulus measures from the ECB.
Draghi said the central bank would reassess its stimulus program “early” next year, but specified that “early” didn’t mean January.
And so Business Insider’s Mike Bird reported, it looks as if we might have to wait a few months for more easing from the ECB, which comes as a disappointment to the market.
Draghi also announced that the ECB had slashed its growth and inflation expectations for the economic bloc, taking its GDP growth expectation for 2015 to 1% from 1.6% while also cutting next year’s inflation outlook to 0.7% from 1.1%.
As Draghi spoke, stocks in Europe took a hit, with stocks in Italy falling 2% while equities in Spain, France, and Germany all fell at least 1%.
Here’s a quick view of the euro’s volatility on Thursday.
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