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$1.3 Trillion Euro-Dollar Market Turning to Draghi for Cues

  • Traders say ECB has overtaken Fed as exchange-rate driver
  • Euro is most popular currency short, Barclays survey shows
Updated on

Traders in the almost $1.3 trillion-a-day euro-dollar market have started to take their cues from Mario Draghi rather than Janet Yellen, according to Barclays Plc.

About half of respondents to a Barclays survey said European Central Bank policy is the most important driver of the euro-dollar exchange rate this quarter. That’s up from approximately 30 percent in September. The ECB bumped U.S. Federal Reserve policy from first place, as about 30 percent of participants called the Fed the most important determinant for the currency pair, down from more than 40 percent in a poll published Sept. 15.