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Euro weaker on Draghi

The single currency has been pushed lower on the back of comments from ECB President Draghi. At his monthly post-meeting press conference, he has stated that economic risks remain to the downside, that rates will be at current level for “extended period” (this has been a pledge for a year now) and also that preparatory work related to ABS purchases continues.   EUR down to 1.3615, but given push lower from stronger US jobs data, the overall impact from Draghi’s comments has been small.

Note that the ECB will move to 6-week schedule for meetings from January of next year, with “regular accounts” of meetings to be published, which sounds like a step towards the publication of minutes. This is a long-awaited step towards more transparency, something which has been resisted from the beginning on the basis of national pressure that could be exerted if votes were published of individual committee members. We await more details.

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