When Doves Try.

Thursday was of course all about Mario Draghi, who tried and succeeded to put a decidedly dovish spin on the announcement that ECB QE will be tapered further to €15 billion/month in September and will end in December. The date-based rates guidance (no hikes until at least summer 2019) was decidedly euro bearish. There's a full recap here, but the bottom line is this: Here's Goldman's take: These announcements came earlier that we (and others) expected — in June rather than July —