The European Central Bank left its policy unchanged as broadly expected. ECB President Mario Draghi described risks as broadly balanced. He maintained his slightly positive stance, keeping the Euro bid.
Positive:
Negative:
On Italy, the Italian expressed confidence that a solution will be found. He dodged more politically sensitive questions that were thrown by reporters.
The touch of optimism sent the EUR/USD to a high of 1.1432, but the pair retreated from there. The drop can be related to the strength of the US Dollar rather than anything Draghi said.
All in all, Draghi passed the time without releasing too many meaningful soundbites. It seemed that he did not want to rock the boat too much. The next meeting, in December, consists of new forecasts and comes ahead of the end of the bond-buying scheme. Those expecting a dramatic Draghi show will have to wait for that final meeting of 2018.