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The market may have thought there was a risk of more dovish tones in the ECB Draghi press conference, but Draghi was in a mood to emphasise the positive and downplay the negatives, according to Greg Gibbs, Analyst at Amplifying Global FX Capital.

Key Quotes

“Despite the slight downward revision to the ECB staff growth forecasts by 0.1ppt this year and next, he reiterated the view expressed in recent policy meetings that the ECB had increased confidence in their forecasts for a gradual rise in inflation.”

“Despite saying in his opening statement that, “Uncertainties relating to rising protectionism, vulnerabilities in emerging markets and financial market volatility have gained more prominence recently”, Draghi said there had been no contagion to speak of to the Eurozone from emerging market or Italian market turmoil.”

“EUR rose above its recent narrow trading range around 1.1600 to be now testing its range highs over recent months.   A key focus for the market now will be whether the EUR can push above 1.1750 and then 1.1850 that have been key highs for the currency pair since mid-year.”

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