Just noting this, it came out overnight from the bank and is a very sharp change

  • We are completely revising our euro outlook for the rest of the year

Deutsche says Draghi's speech (Tuesday) is "not the fundamental driver behind the change in view" (which is probably just as well :-D ) but that it "aptly marks the culmination of a number of developments" that have prompted the bank to switch gear

DB now expect:

  • EUR/USD to rise to $1.16 or above by the end of the 2017
  • DB's previous prediction was for 1.03

DB cite:

  • euro is likely to be the key vehicle via which financial conditions in the Euro-area will be tightened
  • This could well mean that, like the Fed's exit, the ECB is unable to tighten as much as it thinks