Draghi: No discussion of move on rates today

  • Discussed general monetary policy stance, which is accommodation
  • Repeats inflation risks are broadly balanced
  • Spain has made very serious effort at policy reform in very short time; LTROs successful in avoiding credit crunch will need time to see money propagate to real economy
  • Have avoided major credit crunch
  • Significant progress on fiscal front
  • No contradiction between growth and fiscal compact

No sounding less likely to cut, saying LTRO needs time to work its way through the system…

One Comment

  1. Considering a short EUR/USD on 5 minute bar break/close below 1.3165. Stop at 1.3215 just above the daily pivot high. Target 1.3070 the uptrend support.

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