Prior to the European Central Bank's (ECB) press conference Thursday. many analysts and investors were expecting ECB President Mario Draghi to talk down euro. Mnuchin provided balance to his comments insisting that while a weaker dollar has its benefits for trade, a strong dollar has benefits in other areas and that the U.S. isn't focused on its levels.
Still, many market players expect the BOJ to wait several months, and possibly many more, before tightening its policy, given the country's inflation is nowhere near its two-percent target.
And he said recent exchange rate volatility had been sparked by "the use of language that doesn't reflect the terms of reference we have agreed". Looking at previous year, the European Central Bank managed to increase the forecasts for 2018 to 2.3% from the latter 1.8%.
In a press briefing after the ECB kept interest rates unchanged, Draghi said underlying inflation in the euro zone is expected to rise gradually over the medium term supported by the bank's monetary policy measures as well the economy's continued expansion.
The euro is at a three-year high against the dollar.
"The explicit targeting of the exchange rate is something that goes back many many years ago", he insisted. The corresponding index is seen at 112.3 in January versus 112.5 in December.
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Away from the euro's rise, the European Central Bank left policy on hold, with a deposit rate of -0.4%, a base interest rate of 0.0%, and a quantitative easing programme of €30 billion per month.
The stimulus would come from asset purchases, asset holding, reinvestment and forward guidance that interest rates will remain low, Draghi said. In contrast, and U.S. index futures hit new record highs. "We look at inflation, that is our main concern". During the press conference, ECB President Draghi carried on with dovish tone, noting in particular that domestic inflationary pressures continue to be weak. It later fell back when he said he saw "very few chances" for an interest rate hike this year.
Drinks maker Diageo dipped 0.2 per cent after saying it expected foreign exchange swings to take a bigger than expected bite out of sales and profits.
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While the euro's gain so far has only a modest impact on inflation, the worry is that weaker economies on the bloc's periphery would be affected by it more, a risk to an economic convergence process that restarted only recently. Capital has fled the greenback onbets that rosy global growth willsee more central banks follow the Fed's hawkish lead, making alternatives seem relatively cheap (and thereby attractive).