Euro Jumps On Draghi “Diminished Risks” Remark – Then Gives It All Back

Well, the single currency may have knee-jerked lower an hour ago as the ECB kept everything unchanged in a seemingly dovish concession despite a more benign political outlook, but it’s now moving meaningfully higher:

This looks pretty clearly like a reaction to this headlines from the Draghi presser:

DRAGHI SAYS DOWNSIDE RISKS TO ECONOMY HAVE FURTHER DIMINISHED
DRAGHI SAYS RISKS MOVE CLOSER TO BEING BROADLY BALANCED
Data since meeting in early March confirm that cyclical recovery of the euro-area is becoming “increasingly solid
EUR FRESH HIGH AS DRAGHI SEES DOWNSIDE RISKS DIMINISHED

“And like that, it’s gone”…

Some members had a more “sanguine” view of the economic situation, while others believed that such improvements wouldn’t “warrant” change in communication on balance of risks
No “really” different views on inflation
Wage growth remains uncertain
Says assessment of four inflation criteria hasn’t changed