Euro scrapes to lowest since mid-2017 as Draghi revamps stimulus

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Euro scrapes to lowest since mid-2017 as Draghi revamps stimulus

On Thursday, the 7th of March, 2019, the euro was drowned under deep water to its lowest level against the American dollar since June 2017 to $1.1175, after ECB had delayed the timing of its post-crisis rate hike to 2020 and initiated a new round of low-interest loans.

Meanwhile, euro had been eyeing its mid-2016 low to 1.10-1.11 region, as an expected strong US non-farm payroll and robust unemployment report due to be released tomorrow, would likely to pivot the strangulated euro much lower.

While this report was being prepared, March 7th, 2019, GMT. 23.10, the euro had been struggling to stay above June 2016 low and the risk of a forex flash crash for euro had also been keeping the buyers at bay and sellers had taken complete control of the EUR/USD pair.

In the late US trading hours, euro had fallen as much as 1.1 percent to 1.1175, yet managed to end up the day with a loss of 1.02 percent to $1.1194, its biggest intra-day plunge against American dollar since January 2nd, 2019.

Other European currencies not part of the eurozone, such as Swedish Crown, alongside Hungarian forint took heavy tumbles as well, as the neighboring nations had been in a rattling battle against deteriorating regional business, alongside consumer activities, The Swedish Crown fell 0.62 percent against euro to 10.581 per euro and the Hungarian forint shed 0.1 percent against the eurozone currency.

Concomitantly, analysts are expecting further euro nose-dive below 1.10 region in a near-term outlook.