Draghi press conference coming up

The ECB left its asset purchases unchanged and maintained the language saying its ready to increase the size or duration of QE if required. There was speculation the ECB would take out the reference to 'size', 'duration' or both but they didn't and that's why the euro is lower.

None of that is a surprise.

The ECB was downright frightened after the euro and sovereign yields surged in the aftermath of Draghi's June 27 speech in Sintra when he said some low inflation could be temporary and there was room for 'adjusting the parameters' of stimulus.

The market is focused on minute changes to signals from Draghi but the surprise could be if he takes a more 'big picture' approach and talks about improvements in the overall Eurozone.

After all, he has to be sick of downplaying everything on fears it could send the currency higher.