The European Central Bank policy announcement is today, followed by ECB President Draghi at his press conference - final preview.

Does everyone know about the 'Alex the seal' misheard lyrics of this song?

Well, Draghi's lips have been sealed since December. But, today at 1330 GMT he speaks at the post-announcement news conference.

Says Commerzbank of the conference:

  • Despite weeks and weeks of speculation in the market that the ECB might soon change its communication and hike the deposit rate at the end of the year, developments that caused the euro to take off and caused some ECB officials to make cautious comments, Draghi has not commented at all since the ECB meeting in December.
  • But ... we will hear his comments. The market will hang on his lips to find out whether the interest rate speculation is justified and what the ECB head's view on the euro appreciation over the past weeks is. We have been urging caution for some time in EUR- USD, as the market's view is exaggerated, and we see scope for a correction in the euro.

(bolding mine ... yep, be careful out there!)

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