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Today we had the last speech of the year from ECB President Mario Draghi and his dovish rhetoric took down EUR/USD by 30 pips (see Figure 1). The main topics of his speech where the following:
Draghi's speech is containing nothing new. Also the main focus of the event is about banking union and this is a long process and currently we have just a draft signed by the EU finance ministers. If you're interest to hear more about the last official hearing which took palace at the Committee on Economic and Monetary Affairs of the European Parliament, you can follow this link which is an introductory statement by Mario Draghi.
Best Regards,
Daytrader21.
- Draghi said he is aware of any downside risks of low inflation, and ECB is ready to act if needed.
- Market policy takes time to show impact in the market.
- Market policy is working it's way through the economy.
- He doesn't see deflation.
- Asmussen departure is a tremendous loss for ECB.
- Economic gains can only come from structural reforms within the Euro area.
- Medium term inflation target goes beyond two years.
- Weak economy will act like a dampener on inflation.
- ECB doesn’t co-ordinate monetary policy with others at this time.
- ECB exit still very distant.
- ECB is well placed compared to other central banks when it’s time to exit extraordinary policy measures.
- This is not the time to coordinate monetary ploicy across the world.
- Figure 1. EUR/USD 5 minutes chart.
Draghi's speech is containing nothing new. Also the main focus of the event is about banking union and this is a long process and currently we have just a draft signed by the EU finance ministers. If you're interest to hear more about the last official hearing which took palace at the Committee on Economic and Monetary Affairs of the European Parliament, you can follow this link which is an introductory statement by Mario Draghi.
Best Regards,
Daytrader21.
