The euro is higher because Draghi didn’t promise QE today but the dramatic downward revisions to 2015 growth and inflation (with a promise of more downward revisions to inflation to come because of oil), is the cover the ECB needs to launch a program.

Draghi also said staff was speeding up preparatory work.

There is certainly scope for a squeeze but so far, Draghi sounds like QE is coming. Lots of press conference still to come.