ING FX Strategy Research notes that after all the excitement about possible Draghi fireworks in Jackson Hole, the just delivered speech was an anti-climax, a non-starter.
"With no hints at tapering or as he current stance of monetary policy, markets will now look out for the 7 September meeting.
The fall for which Draghi has promised a decision on the next steps for QE, is about to start and he is running out of possibilities to announce the future path for his asset purchasing programme.
A significant change to the programme is to be expected, but the ECB will be very cautious not to tighten financial conditions any further," ING argues.
Source: ING Global Markets ResearchOriginal Article
