Markets getting their Friday sugar rush thanks to ECB President Draghi. Back in 2012 he said he would do “whatever it takes” to save the euro, in relation to the sovereign crisis that was enveloping several countries. Now he said that “We will do what we must” to raise inflation and inflation expectations. This could become the new mantra. Back in 2012, the beauty of Draghi’s remarks was that the ECB did not have to do anything else to follow through. This time around, they don’t have the option of sitting back and expecting the market to do the work. The issue is that the options available to them and the room for markets to react is so much more limited than was the case back in 2012. So whilst we have had an initial weakening of the single currency, this may not be sustained unless we see follow-through from the ECB in the near future. EURUSD down to 1.2465, from 1.2540 at the start of the European session.