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Hardy: The ECB's new dovish tone
The ECB President, Mario Draghi, is using much more dovish rhetoric at the latest bank meeting this Thursday. So says Saxo Bank's Head of Forex Strategy, John Hardy, who gives his reaction to what he's heard and what it means for the euro and the eurozone. Draghi reiterated that the ECB is ready to act and do whatever it takes. He also suggested that future forward policy guidance would be "firmer".
There wasn't a great deal of reaction on the currency markets althouh John says there was some initial weakening in EURGBP, not least because people are begining to price-in rate hikes in the UK. He says the real test for the eurozone will come over the next few months when it becomes clearer just how quickly European economies are recovering.
01:43 minutes
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