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Sept. 12, 2019, 9:19 a.m. EDT

Draghi to Trump: ECB policy makers 'do not target the exchange rate, period'

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By William L. Watts

EURUSD

European Central Bank President Mario Draghi on Thursday responded to a tweet by U.S. President Donald Trump that said the central bank had introduced a sweeping new stimulus plan in a successful bid to weaken the euro versus the U.S. dollar. Asked about the tweet in a news conference following the ECB's policy decision, Draghi said: "We do not target the exchange rate, period." The euro /zigman2/quotes/210561242/realtime/sampled EURUSD -0.0718% fell versus the dollar, hitting a two-year low, after the ECB pushed its key interest rate further into negative territory, announced the relaunch of its bond-buying program and took other steps to stimulate a flagging eurozone economy. In a tweet, Trump said the ECB was "trying, and succeeding, in depreciating the Euro against the VERY strong Dollar, hurting U.S. exports." Trump repeated his criticism of the U.S. monetary policy makers, saying the Fed "sits, and sits, and sits. They get paid to borrow money, while we are paying interest!"

/zigman2/quotes/210561242/realtime/sampled
US : Tullet Prebon
1.1142
-0.0008 -0.0718%
Volume: 0.0000
Oct. 22, 2019 12:20p
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