Euro falls to session lows on comments by ECB's Draghi

NEW YORK Mon May 6, 2013 10:36am EDT

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NEW YORK May 6 (Reuters) - The euro extended its losses against the dollar to hit a session low in mid-morning trade on Monday after European Central Bank President Mario Draghi said the bank is watching economic data and is ready to act again.

The euro fell as low as $1.3065, according to Reuters data, and was last at $1.3066, down 0.4 percent on the day.

It also hit a session low against the yen at 129.76 yen and was last at 129.81, down 0.1 percent on the day.

The ECB cut its benchmark refinancing rate by 25 basis points to 0.5 percent last Thursday. The euro fell sharply after Draghi, in a post-meeting press conference, said that the bank is technically ready for negative deposit rates.

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Comments (1)
SamMan wrote:
They say actions speak louder than words…

Amazing how much mileage they get just out of possibility they might sneeze.

May 06, 2013 11:15am EDT  --  Report as abuse
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