020 7898 0500It was a bit of a strange press conference from Mario Draghi yesterday, as although he reaffirmed the ECB’s commitment to purchasing €30 billion of bonds each month until at least September 2018, he didn’t talk the euro down as much as he has done in the past. Indeed, he expressed no surprise of recent euro strength against the dollar as the eurozone’s economic recovery has been shown to be in full flow for an extended period of time.
It was a good day for the euro, as it strengthened against sterling and the dollar, even climbing above the psychological barrier of $1.25 at one point. It did sink back below that level, but another move north of that is entirely possible.
German consumer confidence for February came in above expectation at 11.0 (it had been predicted to hit 10.8), while the German IFO business climate figure was 117.6 against an expectation of 117.1. It is a quiet day for the eurozone today and attention will be directed to UK and US GDP figures and Trump’s Davos speech.
