Draghi’s Hope and a Prayer Skins the EUR Bear

Bearish EUR traders are likely feeling deflated after European Central Bank (ECB) President Mario Draghi blew a lot of hot air at his post-ECB meeting press conference earlier today. There was more quantitative easing (QE) speak, but it was not as dovish as expected, resulting in pushing both Bunds and regional yields higher while leaning on EUR short positions. That prompted many traders to take some well-earned profit off the table.