In an earlier post this week, I mentioned about shorting EUR/USD whenever there`s a European Central Bank (ECB) press conference. Historically this pair has fallen each time Mario Draghi has given an official speech.
Well, nothing new this time around. The key interest rates remain unchanged. Non-standard monetary policy measures are to be taken, the purchase of covert bonds and asset backed securities will continue for two years.
Growth has been expected to be weaker and there`s a downward revision of the outlook for the euro area real GDP growth. It is expected that the growth in 2014 is 0.8%, followed by 1.0% in 2015 and 1.5% in 2016. The downwards revision have started since September.
The full speech can be found here.
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