Intraday Market Thoughts

Draghi Firmly Neutral

by Ashraf Laidi
Oct 20, 2016 14:26

ECB's Draghi reiterated the ECB discussed neither tapering, not extending QE. Despite repeating the usual line of considering to extend purchases beyond their planned expiry date, Draghi calmed restless reporters & traders who seem to expect that something must be done (taper or extension) at each meeting. But as we indicated long ago, Draghi's message has been: "Eyes off, ears off. Turn your expectations towards national governments as we're tapped out".  Below is the note published 1 hour before the ECB decision. A new Premium trade has been issued moments ago, partly boosted by a DragonFly Doji. A trade was also issued earlier this morning, 1 hour after the Clinton-Trump debate.


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