Draghi Speech: Factors holding back inflation will last for some time, not permanent
Mario Draghi, President of the ECB, is responding to questions from the press, with key headlines, via Reuters, found below:
- Sintra speech and July decisions are not very different
- Factors holding back inflation will last for some time, not permanent
- Confident that programme can continue smoothly
- Up to Greek government to decide to tap markets in bond issue
- There has been serious progress in place in Greece
- Issuance should be part of overall strategy, which includes completion review
Key notes:
EUR/GBP at daily tops near 0.8900 as ECB presser gets underway
The EUR/GBP cross once again met with some fresh supply near the 0.8900 handle and retreated around 30-pips post-ECB announcement. As the ECB presser got underway, the cross quickly spiked back to session tops, albeit remained marginally below the 0.8900 handle.
EUR/USD gets some oxygen from Draghi, around 1.1560
The single currency is rebounding from daily lows near 1.1480 vs. the greenback, with EUR/USD now in the 1.1560 area as Draghi’s press conference is under way.
ECB's press conference
Following the ECB´s economic policy decision, the ECB President gives a press conference regarding monetary policy. His comments may influence the volatility of EUR and determine a short-term positive or negative trend. His hawkish view is considered as positive, or bullish for the EUR, whereas his dovish view is considered as negative, or bearish.