Euro slumps to an 11-year low against dollar

05/03/2015 07:09 AST

THE EURO dropped to an 11-year low against the dollar yesterday with European officials today set to release further details of a major bond buying programme.

At one point yesterday the euro was down nearly one per cent against the dollar at $1.1066.

The European Central Bank (ECB) has vowed to buy at least €1.1 trillion (£0.8 trillion) worth of government debt to boost inflation, but the purchases are yet to begin. On the other side of the Atlantic, the US economy is growing strongly and rates are expected to rise this year.

“The euro fall has been driven by the acceptance that issues such as stagnant economic growth and deflation risks are not going to be exiting the horizon anytime soon,” said Jameel Ahmad, chief market analyst at ForexTime.

“Aside from concerns over stagnant economic growth and deflation risks, ECB President Mario Draghi is going to be unveiling further details regarding the QE [quantitative easing] program this Thursday in Cyprus. Additionally, the contradiction in reports over whether Greece will be able to meet its debt obligations are weighing on investor sentiment.”


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