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Forex: Verbal bomb from Draghi

The ECB President sends a verbal bomb into markets, saying that ECB is comfortable acting in June if needed. This has heightened expectations that the ECB is going to use the latest economic projections produced in June to present fresh policy measures, aimed at offsetting deflationary risks.  This has pushed EURUSD down to 1.3915.  Whilst short-term negative, there is a longer-term issue regarding the impact of such unconventional policies on the currency.

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