The latest in our series of risk-event previews we look at today's ECB announcements at 11.45 and 12.30 GMT
So, will he please or will traders be demanding their money back?
No interest rate cut is expected but he does have other easing measures other than his gift of rhetoric to use if he/they feel like it.
Recent data has been less than convincing but the last Eurozone inflation reading for March has at least provided some reason for cheer even if it doesn't yet convince the markets or the ECB.
Recent rhetoric from within, and indeed without, has been supportive of the ECB's easing measures thus far but with some suggesting there's little room left.
Draghi is widely expected to remain cautious but does that mean dovish? Last time out he was more hawkish than traders anticipated including the comment that the ECB doesn't see any need to reduce rates further.
Have things changed much to change that view? I don't think so despite repeated notes of caution earlier this month. One of Mr D's reservations last time out was the low level of lending but that's seen a gentle increase according to the ECB lending survey I posted here.
So, to me at least, it all points to a cautious but not too dovish Draghi later. The one thing that's niggling me though is the rally again in EURCHF in the past 24 hours as euro pairs elsewhere were in retreat. The price had been hovering between 1.0900-20 for a while before ramping up to 1.0987 and remains underpinned this morning.
Were the SNB just smoothing things over or do they expect a surprise to the downside today?
We'll find out soon enough and I continue to be a euro dip-buyer but traders, as well as Draghi, will be advised to tread carefully again. Top side resistance at 1.1400 with strong offers behind that still at 1.1465-70 while option expiry interest at 1.1240-45 could yet magnetize even if we fall below prior.
