The president of the ECB, Mario Draghi, is testifying before a committee of the European Parliament. EUR/USD traded lower, struggling with 1.25 and is now taking another leg down under 1.2480. Draghi says: Most recent forecasts have been revised downwards Expecting a moderate recovery in 2015-2016. Demand supported by monetary policy stimulus, among other events. High unemployment, unutilized capacity and balance sheet adjustments weigh. Risks are on the downside. Geopolitical risk could dampen confidence and investment. Inflation in the euro-are remains very low – expected to remain at these levels before rising in 2015-16. We closely monitor developments Money growth rate has increased moderately. The turning point in credit growth is behind us. Fragmentation has receded significantly since the peak of the crisis. Since the beginning of June, market money rates are declining – a result of monetary policy. EONIA is not expected to exceed 0.25% before 2018. Other rates are low. Compression of spreads extended after September announcements. Balance sheet expected to return to 2012 dimensions Our measures are set to bring inflation to target. We will stay alert. GC unanimous to use additional unconventional measures to reach targets, and tasked staff to make preparations. Draghi is basically repeating his words from the recent rate decision, in which he defied discontent. Structural reforms are needed. Banking union should be completed after the stress tests. New low is 1.2472. Support awaits at 1.2440. LTRO helped in stabilizing the collateral framework. Draghi goes on to talk about the collateral system and away from monetary policy. 2015 is the year when everybody must work together to return the euro-zone growth to track. Questions begin: the first question in Spanish is about the trillion euro expansion of the balance sheet. Answer: we stand ready to do more, unconventional measures. Fiscal and monetary expansion cannot do the job alone without structural reforms. Draghi continues answering questions unrelated to monetary policy, but EUR/USD continues falling to 1.2460 on USD strength. Earlier, a fellow member at the European Central Bank, Yves Mersch, opened the door to a wide variety of financial instruments that the ECB could buy, including state bonds, ETFs, shares, etc. Another colleague, Praet, said that the fiscal position in the euro-zone should be neutral or slightly expansionary in 2015. He also said that the lack of investment from firms is the weakest link of the euro-zone recovery. In the US, the Empire State Manufacturing number fell below expectations with a score of 10.2 points. Industrial output was expected to rise by 0.2% after 1% last month. More: Short EUR/USD if it breaks 1.2470; – Elliott Wave Analysis Sell EUR/USD & Sell Gold: Credit Suisse’s Top Trades For 2015 Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next Japanese Recession Prods Market Bears Scott Smith 8 years The president of the ECB, Mario Draghi, is testifying before a committee of the European Parliament. EUR/USD traded lower, struggling with 1.25 and is now taking another leg down under 1.2480. Draghi says: Most recent forecasts have been revised downwards Expecting a moderate recovery in 2015-2016. Demand supported by monetary policy stimulus, among other events. High unemployment, unutilized capacity and balance sheet adjustments weigh. Risks are on the downside. Geopolitical risk could dampen confidence and investment. Inflation in the euro-are remains very low - expected to remain at these levels before rising in 2015-16. 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