Rand fails to keep up with euro’s gains
Earlier on Thursday, ECB president Mario Draghi said eurozone monetary stimulus would not be tapered yet, after which the euro gained 1% to the dollar
The rand retained its softer bias against major currencies on Thursday afternoon, but was off its weakest levels after the European Central Bank (ECB) revised economic growth forecasts upward, and inflation downward. ECB presiden Mario Draghi said the eurozone monetary stimulus would not be tapered yet. The bank also cut its inflation projections for 2018 and 2019 to 1.2% and 1.5%, respectively, compared with earlier forecasts for 1.3% and 1.6%. Draghi underlined the degree to which the economic recovery in the eurozone was reliant on continued stimulus, noting that policy makers agreed on the need for “a continued very substantial degree of monetary accommodation”, reported Dow Jones Newswires. Draghi also expressed concern over the strength of the euro, but tempered these comments by saying that “inflation will eventually converge, based on the good condition of the economy”, the newswire said. The euro, which the rand usually tracks, had gained 1% to the greenback shortly after D...
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