Between his downbeat "more downside risks" outlook, "extended low inflation" perspective, and strengthened "forward guidance," Draghi has, once again, managed to talk down the EUR (for now). EURUSD has dropped almost 100 pips since he began speaking..."we firmly reiterate our forward guidance that we continue to expect the key ECB interest rates to remain at present or lower levels for an extended period of time," adding that "the Governing Council strongly emphasizes that it will maintain an accommodative stance of monetary policy for as long as necessary." US Treasuries are rallying alongside this tumble.
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