Draghi speech: Deflation risks have disappeared

Mario Draghi, President of the ECB, is responding to questions from the press following his opening statement, with key quotes (via Reuters) found below.

 Likelihood of downturn very very small.

Inflation less dependent on ECB policy.

Not seeing systematic financial stability risks.

Deflation risks have disappeared.

Likelihood of low inflation in 0.5-0.6 pct range decreased.

Key notes

EUR/USD tumbles to lows on Draghi, 1.1800 mark now at risk.

As the ECB presser got underway, the EUR/USD pair gained some traction and refreshed fresh multi-day tops during the early NA session.

ECB leaves interest rates and QE unchanged.

At its monetary policy meeting held today, the Governing Council of the European Central Bank (ECB) decided to leave the interest rates on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility unchanged at 0.00%, 0.25% and -0.40% respectively.

About Mario Draghi

The European Central Bank's president Mario Draghi was born in 1947 in Rome, Italy. Graduated of the Massachusetts Institute of Technology (MIT), Draghi became the president of the European Central Bank in 2011. As part of his job in the Governing Council he gives press conferences in the back of how the ECB observes the current European economy. President's comments may determine positive or negative the Euro's trend in the short-term. Usually, if he shows a hawkish outlook, that is seen as positive (or bullish) for the EUR, while a dovish is seen as negative (or bearish).