ForexLive North American wrap: Euro Draghi'd to the woodshed

Draghi: Risks remain to the downside Draghi: Euro's rise a sign of better confidence Fed's Evans: QE could stop before 7% unemployment Initial jobless claims 366K vs 360K exp Canada Dec building permits -11.2% vs +5.0% exp NIESR Jan GDP estimate 0.0% vs -0.3% prior Fed's Stein warns of bond risks from low rates US Q4 non-farm productivity -2.0% vs -1.4% exp Obama prepared to do ‘big deal' to get beyond governing by crisis GBP leads, EUR lags The euro fell during Draghi's press conference and kept falling. Analysts are paid to analyze and everyone is citing a different sliver of commentary from the ECB President as the reason but nothing he said indicated any type of action. Sure, he mentioned the euro and acknowledged that ECB may need to evaluate inflation differently if the euro rises but overall he was consistent with the December outlook. I suppose some could have been expecting him to be more upbeat about the economy but I didn't hear that chatter beforehand. That said, you can't argue with price action. The euro fell and kept on falling as he spoke. The move went to 1.3375 from 1.3575. Carney was less dovish than expected in his first appearance as BOE-governor in waiting. Cable initially spiked up to 1.5767 but chopped around 1.5700 throughout US trading. USD/JPY fell as low as 93.08 in US trading but the dip buyers were in the weeds again and the pair has recovered to 93.65 since the European close. AUD/USD broke below 1.03 to the lowest in 3.5 months as risk appetite weakened.