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Draghi said ECB expanded policy tools to meet mandate

Wednesday, Mar 11 2015
European Central Bank buying of government and other debt may be shielding countries in the euro zone from contagion from events in Greece, ECB President Mario Draghi said on Wednesday. Draghi said ECB expanded policy tools to meet mandate. "We also saw a further fall in the sovereign yields of Portugal and other formerly distressed countries in spite of the renewed Greek crisis," Draghi told a conference in Frankfurt.
 
"This suggests that the asset purchase programme may be shielding euro area countries from contagion." Draghi conceded that there were risks from the asset-purchase scheme. "We are aware that our measures may entail some financial stability risks but currently these risks are contained," he said. 
 
Euro is currently being traded slightly above 1.0610 level. Pair is likely to find support around 1.05 and resistance above 1.07 area. There will be no major data releases in the rest of the session.
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