Mario Draghi gets his quarterly summons to Mordor
Mr D is off to EU parliament to explain why billions of euros needs to be spent to prop up Europe's economy
At the ECB meeting earlier this month he had some stark warnings on risks to the economy going forward and told us that they are tinkering with QE to increase their fishing nets on what can be bought
The market took all that as a big fat hint the ECB is ready to do more and various ECB governing council members haven't said anything to dispel that talk
So today he's being put on the spot to explain what's going on to the bigwigs in Brussels. The first thing to note is that his last ECB statement is often trotted out as his testimony statement so there's never usually anything different. The Q&A where he gets grilled by Europe's finest politicians is where we'll get any market moving comments
Unfortunately though by and large he never really strays from the beaten path so don't get your hopes up too high for anything shocking
The market loves a CB appearance though so be prepared for the euro to jump around, even on repeated comments. As we've already seen today the euro is trading virtually every ECB council members comment on whether it's for or against the idea that they will do more QE. Let's hope we do get something of note to get us up and dancing
h/t @victorleonardib
