Draghi confirmed the bulk of QE decisions is likely in October - the 33% limits will not be lifted, hence capital key deviations continue
The inflation outlook was revised lower reflecting the stronger euro - a substantial degree of monetary accommodation is still needed
The underlying euro momentum remains strong and any dips in EUR/USD should be shallow and short-lived
Focus on the euro and the smaller concern about an abrupt end to QE resulted in a strong performance for the periphery bond markets.
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