And not its cause, says Draghi speaking in Frankfurt

  • The Eurozone needs expansionary macroeconomic stabilisation policies to support demand

  • The long term answer to low rates is structural reforms

  • Low rates is a symptom of an underlying problem

  • Structural rebalancing is advancing too slowly

He's back on the government bashing soap box again.

EURUSD has had a little run above 1.1500 but that's probably more to do with the options expiring and a softer ISM. As I've just written, look to see whether we build support at 1.1500 now.