How much do you believe in Draghi?
The euro got plenty of good news today and there are signs pointing to a better Eurozone CPI reading tomorrow. Yet EUR/USD struggled to hold onto the latest gains, slipping back to 1.0610 from a high of 1.0637.
The euro has still gained almost 50 pips on the day and that's a solid performance but it's still down 900 pips from six weeks ago, so it hardly qualifies as an inspiring rebound.
The real story today is the performance of the commodity bloc. AUD has held comfortably above 0.7300 even on USD bounces.