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Euro pushes higher as ECB chief Lagarde says inflation is still too high

European Central Financial institution (ECB) President Christine Lagarde declares a brand new financial coverage resolution.

Frederick Florin | Afp | Getty Pictures

The euro traded larger in opposition to the U.S. greenback Wednesday, following feedback from the European Central Financial institution President Christine Lagarde that inflation is “nonetheless excessive.”

The euro was up by roughly 0.2% in opposition to the U.S. foreign money round 9 a.m. London time.

“A sizeable coverage adjustment is already behind us: since July final yr we now have raised rates of interest by 350 foundation factors. Nonetheless, inflation continues to be excessive, and uncertainty round its path forward has elevated. This makes a strong technique going ahead important,” Lagarde stated in a speech Wednesday.

“However the public could be sure about one factor: we’ll ship value stability, and bringing inflation again to 2% over the medium time period is non-negotiable,” she added.

The ECB final week determined to lift its rates of interest by an additional 50 foundation factors, shrugging off turmoil within the banking sector.

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