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Race to bottom resumes as central bankers ease anew
By Emma Charlton and John Detrixhe
Bloomberg News
Monday, November 11, 2013
The global currency wars are heating up again as central banks embark on a new round of easing to combat a slowdown in growth.
The European Central Bank cut its key rate last week in a decision some investors say was intended in part to curb the euro after it soared to the strongest since 2011. The same day, Czech policy makers said they were intervening in the currency market for the first time in 11 years to weaken the koruna. New Zealand said it may delay rate increases to temper its dollar, and Australia warned the Aussie is "uncomfortably high."
"It's a very real concern of these countries to keep their currencies weak," Axel Merk, who oversees about $450 million of foreign exchange as the head of Palo Alto, California-based Merk Investments LLC, said in a Nov. 8 telephone interview. ECB President Mario Draghi, "persistently since earlier this year, has been trying to talk down the euro," Merk said.
...For the full story:
http://www.bloomberg.com/news/2013-11-11/race-to-bottom-resumes-as-centr...
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