The prominent rise witnessed by Asian shares on Tuesday has been attributed to the expectation of additional stimulus from the United States Federal Reserve and the European Central Bank. Policy meetings were convened by both institutions this week but the doubts surrounding the lasting success of any sort of measures taken by the ECB put a ceiling on the euro.
Unemployment in eurozone is the highest since the euro was born. It is another sign of the tragic economic situation in Europe. The highest rate of unemployment in 17 countries of eurozone added some pressure on European Central Bank to take an action. But even Draghi’s promises cannot have an immediate result on economic situation of eurozone members.
Asian markets rallied on Friday due to reassurance made by European Central Bank President Mario Draghi that “the ECB is willing to do whatever it takes to preserve the euro,” whilst Samsung Electronics noted record profit.