The European Central Bank leader Christine Lagarde tried to be the opposite of the previous president Mario Draghi, who used to jawbone the Euro down. She has left the Euro to trade on its own, not mentioning the value of it often. But, she is shifting to Draghi’s style as she is mentioning the Euro increasingly,as it did earlier today. As a result, EUR/USD is the most bearish pair today.

Comments from the ECB leader

• When thinking about favourable financing conditions, what mmaters is not only the level of financing conditions but the duration of policy support
• Recovery from a services-led recession tends to be slower than from a durable-goods led recession
• PEPP, TLTROs ‘likely to remain’ main ECB tools as they can be dynamically adjusted to react to the pandemic
• All options are on the table
• We will continue to deliver the conditions necessary to protect the economy
• The recovery from the pandemic could be bumpy
• Developments in FX may negatively impact the path of inflation
• Even if second wave proves to be less intense, it poses no less danger to the economy
• Fiscal policy has to remain at the centre of the stabilization effort