Testimony comments from Draghi in Brussels
- Sees inflation rising toward the end of the year
- Sees emerging markets, euro and oil price as risks
- Eurozone faced exceptional challenges over summer
- ECB can alter the size, composition and duration of QE if needed
- Renewed downside risks to outlook have returned
- Too early to tell if latest weakness will last
- Sees inflation falling to zero in very near term
- Europe can be strong if acting in unity
- Sees no financial stability risks at this time
As expected the text of his testimony is virtually identical to his Sep ECB statement
EURUSD has wobbled to 1.1113, then jumped to 1.1165 and fallen back to 1.1145