The past few days on the currency market were all about speculations concerning future ECB actions. During the Jackson Hole symposium, Mario Draghi, did seem dovish, but the question still stands whether it is enough for the speculations about approaching QE in the eurozone to be justified.
After the European Central Bank conference in June, it seemed as if there were at least a few quarters of calm meetings of the monetary authorities in Frankfurt. Three months ago, the ECB President declared the deposit rate cut down to below zero, announced a cheap loan programme for the economies of the eurozone (mainly for the peripheral ones) worth a few billion euros and ceased the SMP sterilization programme, that let over 100 billion euros into the banking system.
Marcin Lipka, Cinkciarz.pl analyst