The euro is paring the recovery that began in the middle of the ECB's press conference yesterday. The markets had reacted as one intuitively would expected to broad easing of interest rates and credit conditions. The market reversed, and violently so, only after Draghi seemed to rule out further interest rate cuts. Many investors took this to mean the ECB had gone all in and that monetary policy had reach the end. We do not expect this interpretation to be sustained. Even though we suspect that Draghi could have simply said that with the ... READ MORE
