Comments from ECB President Mario Draghi in testimony to European Parliament:
- Unemployment still high
- Unutilized capacity still sizeable
- Inflation is at ‘very low levels’
- Inflation to remain low over coming months
- Upside, downside risks are limited
- Inflation risks are broadly balanced
- Watching exchange rate carefully
- Higher FX rate is a risk to sustainability of recovery
- ECB ready to use unconventional tools within mandate if needed
Very similar comments to the ECB press conference. The euro is under some minor pressure to 1.3610.
