ECB president speaking in Brussels to EU parliament

  • will closely monitor the risks to price action
  • economic activity in Eurozone has shown some degree of resilience to external factors
  • if price stability at risk ECB would use all tools available within mandate
  • incoming data confirm that the Eurozone recovery is progressing moderately
  • downside economic risks are clearly visible
  • more work needed on economic and monetary union
  • signs of a sustained turnaround in core inflation have somewhat weakened mainly due to lower oil price and delayed reaction to stronger euro

That last comment sees euro sent lower taking out the 1.0730-35 bids support easily

EURUSD 1.0715 and EURGBP 0.7056 lending some support to cable

DAX turning higher too adding to euro pressure

ECB's Draghi with words of caution to send euro lower