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All eyes were on the ECB. So far. EUR/USD ticks a bit up but isn’t going anywhere fast. It then  slides back down to 1.1080 and rises all the way to 1.1180.

Here are some highlights:

  • Draghi begins his conference by some patting on the back.
  • QE reaching the real economy.
  • QE to run until September 2016, but could be adjusted according to plan
  • Sluggish pace in implementing structural reforms
  • Growth forecasts unchanged.
  • The inflation forecast for 2015 has been raised to 0.3%. It was left unchanged at 1.5% and 1.8% for 2016 and 2017 respectively. This is a minor upgrade and EUR/USD feels it
  • Full implementation of QE needed – this is the usual dovish message.


  • Asked about Greece, Draghi dodges.
  • In the meantime, there are some reports about Greece backing down on some pension reforms.
  • Says that the Coeure text release was a mistake and that the ECB is reviewing release rules.
  • The recent rise in inflation  was not a surprise for us.
  • We are still from an exit and not talking about an exit strategy.
  • Still a long way to go on inflation.
  • We will assess the quality of Greek debt, assess the evolution.
  • If needed, we will add QE, currently no reason to do so.
  • We monitor  risks to the financial sector.
  • Potential stock market bubbles will not be addressed by monetary policy.
  • All our energies should be  focused on a strong agreement with Greece. Everything else will follow.
  • Expects a full payment of Greek bonds that are held by the ECB via  the SMP program.
  • EUR/USD is now rising to 1.1180 and it’s hard to connect the recent rise to anything Draghi said.
  • Draghi repeats the inflation forecasts. Oil prices should not continue to decline.

Join  Dale Pinkert and Valeria Bednarik at FXStreet’s Live Analysis Room from 12:00 GMT. I will be joining in afterwards for live coverage. You can watch it all right here:

The chat room for the live coverage is  available here.