FX Handover: Draghi shoots down euro

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  • Euro slumped and stocks surged after ECB President Mario Draghi said that “if the crisis has shown anything, it is that we will use all the flexibility within our mandate to fulfil our mandate — and we will do so again to answer any challenges to price stability in the future.”
  • Interestingly, safe haven yen has remained the strongest despite the stock market rally
  • Draghi’s dovish remarks came as more evidence of investor anxiety emerged: German ZEW Economic Sentiment dropped to -21.1 from -2.1 the month before, easily missing expectations of -5.7.
  • Investors will be turning their attention to this week’s main event: the Federal Reserve’s rate decision on Wednesday. Ahead of that, we could see some profit-taking after this morning’s outsized moves.


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