- EUR/USD is on the backfoot as it dipped towards current Asian low at 1.2765 after having opened at 1.2780; the pair is vulnerable to a further move lower as there are no sights that bears are exhausted. Draghi runs the show Draghi’s comments from his interview to Lithuanian paper made a splash in Asia. The head of the European Central Bank confirmed that the Eurozone recovery was losing momentum, while EUR depreciation was in line with diverging monetary policy. EUR bears took it as a direct signal to dump the currency. It is worth noting that EUR/USD was badly beaten on Wednesday. as German IFO came out much worse ... (full story)