Euro Ends 2-Year Slump on Draghi Backstop; Yen Loss Tops Majors

29/12/2012 08:44 AST

The euro halted a two-year losing streak as European Central Bank President Mario Draghi’s commitment to backstop the shared currency stymied a debt- contagion threat.

In its 13th year, the 17-nation currency rebounded versus the greenback after sliding almost 10 percent during the prior two years. The yen extended the largest loss versus the dollar among major currencies as Prime Minister Shinzo Abe put pressure on the central bank to increase monetary stimulus. The U.S. currency was little changed as U.S. policy makers struggled with deficit control and the Federal Reserve extended its record-low interest rate target and bond-buying plans.

“The ECB has gone a long way to suppress the forces of the crisis and contain systemic risk,” said Lena Komileva, London- based chief economist at G+ Economics Ltd. “This is the primary reason the euro has been as strong as it has. Initially this year, the market underestimated the effectiveness of the ECB.’

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