ECB could be falling behind in keeping euro low

The euro is now at its highest in over a year, and this has to be more bad news for Mario Draghi.

The European Central Bank’s own calculation of the single currency’s effective exchange rate, against a trade-weighted basket of 38 other currencies, shows it has risen faster than the more commonly tracked exchange rate, against the dollar.

Trade-weighted, the euro is at the highest level since early January last year, about three weeks before the ECB president officially announced his quantitative-easing programme.