- repeats again that exchange rate is not a policy target but has influence
- the euro is an island of stability ( omits to mention it’s also got a great big coat of teflon!)
The Q&A continues
- monetary policy stance should produce credit demand
- uncertainty of forecasts rises with horizon
- impact of the Ukraine crisis on Russian economy is severe
The continued upbeat but cautious Mr D once again has traders buying euros as if there’s not a care in the world. I can’t see the moves extending too far ahead of the NFPs tomorrow but definitely caught shorts on the back foot today and will create demand in the dips (again!)
- ECB ready to activate OMT if needed
- welcomes German top court decision on OMT
Presser finished for another month
Fingers now having a quick soak in the ice bucket
