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ETF Securities comment on ECB Caution

Thursday 07th September '17


Martin Arnold, Director – FX & Macro Strategist at ETF Securities on Mario Draghi’s press conference comments

"This was classic Draghi at the press conference: very balanced regarding the economic outlook but very vague regarding the future path for policy. We expect the market continues to largely misjudge how cautious the ECB remains in withdrawing stimulus and this could see an unwind of the overstretched long Euro trade. The ECB remains in wait and see mode on inflation given the downside risks and although Draghi was certainly not hawkish in his policy commitment (and therefore bullish on the Euro), the broad based weakness of the USD was a contributor to the strong move higher in EUR/USD."