Reactions to the ECB meeting are starting to come through

Barclays are out the blocks sharpish after Draghi and they now see the ECB pumping in 2018.

  • Inflation dynamics are not yet self-sustaining

  • Mon pol will need to remain supportive

  • Core CPI dynamics remain very weak

  • Risks remain tilted to the downside

I doubt they're the first to react, and most definitely won't be the last.

Make what you will of theirs and other comments but remember that sentiment plays a big part in what moves the prices and if all the big boys start seeing this as very dovish then the euro will see more sustained downside.

For now, expect the euro to remain soft for a while yet.