The dollar strengthened a fifth day versus the euro as U.S. consumer spending rose the most in three years a day after the Federal Reserve scaled back bond purchases that weaken the greenback and support global asset prices.
The euro advanced for a sixth day against the dollar, the longest streak in almost a year, as regional finance ministers met in an attempt to break a deadlock about a single resolution mechanism for failed European banks.
Mixed messages sent oil products higher, but oil continues to be grounded by an ever growing U.S. supply. While crude supply only increased by 40,000 barrels, overall supply at Cushing Oklahoma increased to a whopping 39.9 million barrels.
European Central Bank President Mario Draghi said he’s ready to take any necessary measures to keep money-market rates in check as he tries to steer Europe’s banks through the early stages of an economic recovery.
European Central Bank President Mario Draghi comments on interest rates, inflation, and the economy. He made the remarks at a press conference in Frankfurt today after ECB policy makers left the benchmark interest rate at a record low of 0.50%.
For Mario Draghi, “an extended period of time” lasts longer than a year, according to economists surveyed after the European Central Bank president used the phrase in a pledge to keep interest rates low.