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    ECB Official’s Resignation May Cause Further Slump of Euros

    Abstract:ECB Executive Board member Sabine Lautenschlaeger unexpectedly stepped down with 2 years remaining in her term. She earlier showed unprecedented strong disapproval to the latest stimulus measures of EBC President Mario Draghi , and news of her resignation shocked the market.
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      ECB Executive Board member Sabine Lautenschlaeger unexpectedly stepped down with 2 years remaining in her term. She earlier showed unprecedented strong disapproval to the latest stimulus measures of EBC President Mario Draghi , and news of her resignation shocked the market.

      ECB didn‘t mention any reason for her early resignation. However, Lautenschlaeger has always been among those who strongly opposed the commission’s decision this month to boost growth and inflation in the Euro Zone by cutting interest rate and resuming bond purchase.

      Lautenschlaeger will officially leave the ECB Consecutive Board consists of 6 members on October 31st, the same day that Draghi will finish his term in office and hand over to Christine Lagarde. Lautenschlaeger will be yet another German policy maker in ECB‘s 20 years of history to resign before the end of a full term, echoing the conflict between ECB’s easing policies and Germans pro-saving tradition.

      The incident caused the Euro to plunge 80 pips yesterday(September 26th). It can be expected that the Euro will continue to fall towards 1.0800.

      Daily Pivot Points: 1.0954---1.0978

      S1: 1.0912 R1: 1.0996

      S2: 1.0882 R2: 1.1050

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    • Polish Zloty
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