Euro Spikes On Upbeat Draghi Comments, Then Drops On Muted Inflation Outlook

Well that didn’t last long:moments after the EUR spiked on Draghi’s upbeat economic comments, it has since filled the entire gap and is back to session lows after Draghi talked down Eurozone inflation saying there is no sufficient evidence to alter inflation outlook, and no evidence of a self-sustaining inflation move.
DRAGHI SAYS ECB NOT SUFFICIENTLY CONFIDENT INFLATION ON TRACK Draghi also said that some members had a more ‘sanguine’ view of the economic situation, while others believed that such improvements wouldn’t ‘warrant’ change in communication on balance of risks. He also said that there is no ‘really’ different views on inflation, and that wage growth remains uncertain, stating that the assessment of four inflation criteria hasn’t changed.
Additionally, for those curious about tapering and/or ending QE, Draghi also said that there is “no need to discuss sequencing of removing accommodation at present.”
The result: EURUSD back under 1.09 after rising above 1.093 moments ago.

This post was published at Zero Hedge on Apr 27, 2017.