Mario Draghi made quite a few statements in the press conference, but he certainly made it clear that he opposes big bond buys. Here is a wrap up of the hectic presser, covered in full in the live blog, that left the euro weaker. ECB introduced new liquidity programs for banks, for up to three years – very long. Credit rating needed for collateral with the ECB has been lowered. Reserve ratio has been lowered. All this sent the euro higher at the beginning of the event. But then he denied any help to bond markets: Bigger bond buys not discussed – no QE. This is contrary to previous hints. Is he putting pressure towards the EU Summit? Using the IMF to bypass the treaty is against the spirit of the treat – will not happen. He repeated this several times. The spirit of the Bundesbank is more important. No discussion of capping yields. Sterilization of bond buys is a pre-condition This sent the euro way down. It lost the 1.3360 line and temporarily dipped under 1.3320. This line could be broken later on. Other Notes. Forecasts have been lowered to include a contraction of 0.4% in 2012. Draghi sees growth late in 2012. Rate cut was not unanimous Regarding the liquidity provision, Draghi slipped “We can see if we can keep the banking system liquid” – this doesn’t sound good. For more on the euro, see the EUR/USD forecast. 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 Expert score 5 Etoro - Best For Beginner & Experts0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 5 Read Review Open My Free Account Your capital is at risk. Forex News share Read Next Hope Seems Lost for the EU Summit – Is this Yohay Elam 10 years Mario Draghi made quite a few statements in the press conference, but he certainly made it clear that he opposes big bond buys. Here is a wrap up of the hectic presser, covered in full in the live blog, that left the euro weaker. ECB introduced new liquidity programs for banks, for up to three years - very long. Credit rating needed for collateral with the ECB has been lowered. Reserve ratio has been lowered. All this sent the euro higher at the beginning of the event. But then he denied any help to bond markets: Bigger bond buys not… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.AboutNewsForex News Daily Outlook EUR/USD Daily Forex Industry Forex Bits
