Euro Smacked Again After Mario Draghi Repeats What He Said On Thursday

ECB President Mario Draghi is giving a speech in Rome today.

Comments from his speech are crossing the newswires right now.

On Thursday, the ECB cut interest rates for the first time since July 2012, and said that the central bank was ready to act again if such action was warranted.

Today, Draghi is reiterating that statement in his speech.

Via Bloomberg, Draghi said the ECB is ready to act again if needed, monetary policy is to remaining accommodative, and the ECB will study euro-region economic data in the coming weeks.

Though Draghi already said all of this on Thursday, the comments still caused the euro to fall sharply against the U.S. dollar – from levels around 1.3107 before the comments hit the tape to a low of 1.3066 afterward.

The chart below shows the drop.

eurusdClick to enlarge

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