Euro turns negative after Lagarde warns low inflation unlikely to return
- Euro dips to as low as $1.0465
- Swiss franc touches highest level against the euro since March
- Dollar up on hawkish comments from Powell at ECB forum in Sintra
LONDON/WASHINGTON, June 29 (Reuters) – The euro gave back earlier gains on Wednesday after European Central Bank President Christine Lagarde said the era of ultra low inflation that preceded the pandemic is unlikely to return.
Speaking at a panel at the ECB Forum in Sintra, Portugal, alongside U.S. Federal Reserve Chairman Jerome Powell and Bank of England Governor Andrew Bailey, Lagarde added that central banks need to adjust to significantly higher price growth expectations. read more
The euro was last down 0.41% to $1.0475. It had dropped to as low as $1.0486 earlier in the day after data showed June prices in the German state of North Rhine–Westphalia (NRW) had been 0.1% lower than in May, but had recovered after a high readout of Spanish inflation data.
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