ECB Yves Mersch

Yves Mersch: The shared currency snapped a three-day slump versus the U.S. dollar as ECB executive board member Yves Mersch said deflation risks arent imminent and Governing Council member Ewald Nowotny signaled there is no immediate need for action. A measure of implied price swings in currency markets fell to the lowest in more than six years before minutes of the Federal Reserve s March meeting. The ruble fell amid pro-Russian protests in eastern Ukraine . The greenback dropped with stocks, according to Bloomberg. The euro rallied 0.3 percent to $1.3742 versus the dollar after as of 5 p.m. in New York. The U.S. currency weakened 0.2 percent to 103.10 yen, while Japan s currency traded down 0.1 percent to 141.67 yen per euro and The euro gained against 12 of its 16 major counterparts as European Central Bank policy makers signaled deflation risks are contained, subduing speculation of a round of bond-buying to boost prices and economic growth. Mersch is putting a softening edge on ECB quantitative easing, saying theres a very big difference between QE in theory and actually implementing it, Richard Cochinos, the head of Americas Group of 10 currency strategy at Citigroup Inc. in New York , said of a bond-buying program intended to boost asset prices. Europe is oversold. Globally, we re seeing clients demand higher yielding assets and carry currencies in both the G-10 and emerging markets . (news.financializer.com). As reported in the news.