The EUR has been supported of late, mainly on the back of a less dovish than expected ECB press conference. Although central bank President Draghi continued to stress downside risk to growth, he did not make a case for additional policy action to be imminent. We remain of the view that EUR/USD upside should be limited from the current levels. However, it appears unlikely that investors’ ECB monetary policy expectations adjust lower anytime soon. This is due to the notion that ECB members will likely continue to downplay deflation and growth risks for the reminder of the year. Indeed, ECB Governing Council member ... (full story)