Mario Draghi speaks in Jackson Hole, WY:

  • Without stronger potential growth, the cyclical recovery we are now seeing globally will ultimately converge downwards
  • We need to raise potential output
  • Openness to trade is under threat
  • Full text

"With monetary policy globally very expansionary, regulators should be wary of rekindling the incentives that led to the crisis," Draghi said.

The small slice of optimism in the headline sent EUR/USD to the highs of the day. Update: And now to fresh highs since January 2015.

The main thrust of the speech is a rant about protectionism and he says that regulatory convergence is key. The speech doesn't mention the euro and doesn't really touch on the outlook, or taper. But he didn't say not to buy the euro.