Euro exchange rates not impacted by Draghi's announcement

Be it "Big Bertha" or the expression "whatever it takes", ECB President Mario Draghi is well known for his memorable comments, which ended the acute phase of the euro-zone crisis. 

His Friday's speech once again had a phrase that might become part of this series of memorable expressions: "We will do what we must to raise inflation as quickly as possible." 

Draghi announced the extension of the monetary policy's degree of expansion clearly. Astonishingly the EUR/USD exchange rate reacted only relatively moderately. 

"During Friday's trade it did not slip below the week's lows (it did do so during this morning's Asian trade though). So one probably has to conclude that a certain degree of ECB extension was already priced into the EUR exchange rates", says Commerzbank in a research note.