Forex Flash: Euro rally more to do with JPY plays than Draghi speech - BBH

FXstreet.com (Barcelona) - Brown Brothers Harriman analysts believe that the Euros rally after touching new yearly lows seemed to be largely a product of plays against the Yen, rather than something particularly inspiring from Draghi.

They write, “The revelation of an extensive rates discussion, the more dour economic assessment, and the pledge to watch developments closely combine to raise the odds of a repo rate cut as early as next month. We had anticipated a cut later in Q2 or even in July, which is when last year's cut was delivered.”