Draghi has ended his monthly press conference.
The market was hoping for some indication about the ECB taking action, and although he left the door open, he was so vague about what that action could be that there is little to take away.
He emphasized downside risks to the economy but put the onus on governments to find solutions. A rate cut in May is unlikely unless economic data quickly deteriorates. A cut in June is slightly more likely but the market would have liked more clarity.
Initially, Draghi sounded like he was setting up rate-cut talk as he mentioned downside economic risks but he never followed up with the punch line. After dropping below 1.2750, the euro has rebounded to 1.2823 because Draghi failed to deliver.