ECB’s Draghi repeats that risks to the economic outlook are on the downside

Comments from ECB President Mario Draghi in testimony to European Parliament:

• Unemployment still high
• Unutilized capacity still sizeable
• Inflation is at ‘very low levels’
• Inflation to remain low over coming months
• Upside, downside risks are limited
• Inflation risks are broadly balanced
• Watching exchange rate carefully
• Higher FX rate is a risk to sustainability of recovery
• ECB ready to use unconventional tools within mandate if needed

Very similar comments to the ECB press conference. The euro is under some minor pressure to 1.3610.