Draghi's Stimulus Effect Fizzles as Euro Rallies to Reverse Drop
- ECB president says he sees no need for more interest-rate cuts
- Daily price swing is widest since Dec. 3 central-bank meeting
ECB Cuts Three Main Interest Rates, Expands QE
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It took less than 90 minutes for the euro to reverse all of the decline sparked by the European Central Bank’s package of monetary stimulus.
The shared currency rallied as much as 2 percent after ECB President Mario Draghi said he didn’t see any need to cut interest rates further. That erased an initial loss, which was driven by the central bank lowering interest rates and expanding its quantitative-easing plan, exceeding economists’ expectations for stimulus measures.