Devaluation: Euro slides below $1.15

NEW YORK: The euro fell against the dollar on expectation that the European Central Bank will launch stimulus to jump-start the ailing Eurozone economy. The euro fell below $1.15 for the first time since November 2003. Official European Union data further fuelled speculation that the ECB will announce a large asset-purchase programme after its monetary policy meeting to counter the risk of deflation. Eurostat confirmed prior data showing that Eurozone inflation fell into negative territory in December, with consumer prices down 0.2%. On a year-over-year basis, inflation was the weakest since September 2009, at 0.8% well below the ECB’s target of close to 2.0%.

Published in The Express Tribune, January 18^th, 2015.

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