Q.When is inflation not inflation? A.When it's Eurozone inflation.

You've got to hand it too him, he knows how to work the crowd i.e the market.

Forget inflation, it doesn't exist really, according to the Dragster. It's energy based blah blah blah. He's absolutely right if you go by the numbers. The headline jumped to 1.1%, with energy and other volatiles stripped out, it's 0.9%.

Once again the ECB is using accounting tricks to model monetary policy, as is their want. If you based the fortunes of Europe on everything else he said, the ECB has saved the Eurozone and everyone should be partying in the streets.

The usual moan up about structural reforms was heard but the more he goes on about it without actually threatening to do anything about it, the more empty his words will become. Schaeuble was spot on earlier when he said that countries don't feel the need to reform while the ECB is doing their job for them. There is only one solution to that but it's not one the ECB is even close to taking.

He's sitting on easy street right now with ECB policy, he's got his arse covered whatever happens to inflation. As I mentioned just now, his sole aim now is not letting the market undo all the ECB's work by taking the euro higher. That's his battle and one he'll win either way. If inflation falls back, he nailed it. If it rises and becomes sustained, he nailed it. The clever part is that it's up to the ECB to decide when they believe it's sustained, and thus they hold all the cards.

Clever as always Mr D.

Overall, there's not been any ground shaking comments here. EURUSD has moved around 80 pips door to door. How it reacts now will be important to see whether he's sewn any real dovish doubts.