The shared currency spiked following the ECB announcement as the bank decided to drop its pledge with regard to increasing its bond buying program if needed. On top of that the European Central Bank kept a wording concerning reinvestments of maturing debt for as long as necessary. In response to the decision the euro jumped again above 1.24 while the German 10Y yield climbed two basis points. Nonetheless, major focus is on the press conference which kicks off at 1:30 pm BST. 

The EURUSD rallies as the ECB drops its easing bias. Source: xStation5

What to watch during the Draghi’s speech? The most interesting points seem to be as follows: a deterioration in soft indicators, a possible trade war (a chunk of growth is created by net exports), fresh staff projections as well as any remarks suggesting when the QE could be winded down.