Draghi sounds like he’s clearing the way for more action

The euro is higher because Draghi didn’t promise QE today but the dramatic downward revisions to 2015 growth and inflation (with a promise of more downward revisions to inflation to come because of oil), is the cover the ECB needs to launch a program.

Draghi also said staff was speeding up preparatory work.

There is certainly scope for a squeeze but so far, Draghi sounds like QE is coming. Lots of press conference still to come.