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ECB sticks to its program

Wednesday, Apr 15 2015
Today's ECB Press Conference brought nothing new, after interest rates remained unchanged at 0.05%. Though, ECB President Mario was attacked by the protester screaming "End ECB Dick-tatorship" while delivering his prepared remarks, in financial terms he did not delivered anything new. Draghi made four points, none of which are surprising. He said that the cyclical recovery in the euro area has strengthened and that the asset purchase program has been successful.
 
He also added that program will continue until September 2016 at least or a sustained increase in inflation as the program is flexible. He pointed out that the ECB is not experiencing operational difficulties in conducting the asset purchases. In response to a question, Draghi noted that the ECB has continued to support Greek banks through ELA, which it is wiling to do provided the banks are solvent and they have collateral.  The ECB's exposure is 110 bln euros, which is most relative to the country's GDP.  
 
After the data Euro was pushed higher and is currently being traded slightly below 1.0650 handle. Pair is likely to find support around 1.058 and resistance above 1.07 area. 
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