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FOREX Euro Near 2 Week Low After Draghi Cautions On Its Rise

newport international group economy news * Draghi says will monitor impact of euro strength * Yen on course to log seven straight weeks of fall * Pound recovers after incoming BoE chief drops no easing hint * Aussie rebounds on China data after hitting 3-month low TOKYO, Feb 8 (Reuters) - The euro hovered near a two-week low on Friday after the European Central Bank chief voiced concern about the impact of the currency's recent strength on the economy in remarks that analysts said went further than they had expected. Mario Draghi said on Thursday that the exchange rate is important for growth and price stability and that he wants to see "whether the appreciation is sustained and will alter our risk assessment as far as price stability is concerned." Analysts said. The euro traded at $1.3405, close to its late U.S. levels after having fallen 0.9 percent on Thursday. At one point it fell as low as $1.33705, the lowest since Jan. 25. Draghi said economic activity in the euro area should recover gradually in 2013 but added there are more negative risks than positive. "I got the impression that he went into greater depth than expected...given that last month he just read out a G20 statement, when he was talking about currencies," said Teppei Ino, currency analyst at the Bank of Tokyo-Mitsubishi UFJ. The euro also slipped to a two-week low against the British pound, which broadly strengthened after incoming Bank of England governor Mark Carney gave no hints that he favoured immediate easing monetary policy. The pound also rose against the dollar to $1.5718, off a six-month low of $1.5630 hit earlier in the week. The single currency also slipped against the yen from a 33-month high of 127.71 yen set on Wednesday to trade at 125.40 yen. Still, despite the latest setback, the euro could be supported by the perception that the ECB's policy easing bias is much weaker than that at the U.S. Federal Reserve and the Bank of Japan, said Makoto Noji, senior strategist

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Uploaded on Feb 11, 2013

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Tags news, international, group, economy, newport

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