ECB Draghi's press conference
According to the ECB president Mario Draghi, interest rates will remain at present or even lower levels for an extended period of time. The ECB sounds determined to take further decisive action if there are any downside surprises in the inflation.
More points to consider:
- The economy is recovering in line with the expectations, though some downside risks persist
- The region is experiencing a prolonged period of low inflation
- Inflation decline is caused by the energy price drop
- inflation is expected to stay around current levels in the coming months, expectations remain "firmly anchored"
- Unemployment still remains high
- EM turmoil may clud the EU recovery
- The banking union will return confidence to the markets
EUR/USD rallied to $1.3600 during the press-conference.