It appears His word is losing its omniscience. Speaking to the European Parliament, ECB's Mario Draghi unleashes a torrent of negative-now-but-positive-just-around-the-corner attempts to talk down the Euro... and it's not working...
- *DRAGHI SAYS APPRECIATING EURO WOULD BE RISK TO RECOVERY (sell!)
- *DRAGHI SAYS JUNE POLICY MEASURES HAS EASED POLICY FURTHER (see sell!!)
- *DRAGHI SAYS RISKS TO ECONOMIC OUTLOOK ARE ON DOWNSIDE (really sell please!!!)
- *DRAGHI SAYS READY TO USE UNCONVENTIONAL TOOLS WITHIN MANDATE (Seriously sell!!!)
For now, EURUSD dropped 5 pips and rallied back to unch... not exactly what he hoped for...
Draghi's demands...
- *DRAGHI SAYS EURO MEMBERS MUST ACT ON STRUCTURAL REFORMS
- *DRAGHI SAYS MUST TAKE CARE NOT TO ROLL BACK FISCAL AGREEMENTS
Well how's that going to happen when markets signal politicians that everything's fixed?