ECB president Draghi still delivering his opening speech at ECB Forum

  • may change policy to keep stance unchanged, not tighten
  • inflation not yet durable and self-sustaining
  • deflationary forces replaced by reflationary ones but EZ inflation dynamics remain more muted than one would expect.

Full speech here

Live broadcast here

Draghi trying his hardest to sound upbeat but dovish and markets happy to buy euros with EURUSD still getting a helping hand from softer USD generally.

Currently 1.1237 from 1.1245 we need to see if it has enough legs to breach 1.1250-60. If not then expect a further retreat. Likewise EURGBP around 0.8825-30.

EURUSD 4 HR