European Central Bank chief sends up warning signal over euro

02/7/2013 | Bloomberg

In comments described as a "verbal intervention" designed to halt the euro's climb, European Central Bank President Mario Draghi said the common currency's strength could sabotage prospects for a eurozone recovery by undermining exports. A strong euro could also thwart the central bank's efforts to drive up inflation to a little less than 2%. "The market is reading the comments as generally downbeat. That and the comments about the risks to inflation have pushed the euro down," said Adam Cole, head of global foreign-exchange strategy at Royal Bank of Canada in London.

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