Divyang's focus is in following broad macro trends globally with a view to building a tradable analytical framework. He was editor of the flagship products at IDEAglobal as well as head of FX research and then moved to Chief Strategist at Commonwealth Bank of Australia before joining IFR.
Cognisant of previous failures with forward guidance, it seems that Bank of England MPC members are unwilling to fine-tune market expectations further.
While Greece is in the market looking to sell a five-year bond, this does not mean that the next step is for the country to be eligible for ECB QE-related purchases.
Our overall assessment of Draghi’s speech is that it is a tad hawkish in its optimism over the inflation outlook. The ECB’s belief that temporary factors are preventing inflation dynamics from becoming “durable and self-sustaining” supports a gradual adjustment away from a “considerable degree” of monetary accommodation.