Euro down to a low of 1.1179 as Draghi continues to spread his dovish wings
- ECB hasn't yet seen any bond scarcity
- QE is helping markets
- Direct exposure of EZ to China are not very significant
- Some countries have more exposure than others
- The confidence channel is the most important channel on China and has not been affected
- Any large surprise in any large economy could affect global confidence
- Exchange rate is not a policy target for the ECB, never has been, never will be
- Euro strength is one downside risk for the economy
