As expected the ECB left its key interest rates and QE programme unchanged, but a more optimistic Draghi has helped the EUR to rally while at the same time it has also pushed Bond Yields higher. Commodities have remained under pressure and it has been the key driver for the underperformance of the Australian Dollar and other commodity linked currencies. The ECB statement and forecasts had no major surprises and resulted in a fairly muted reaction by the market. The forward guidance in the statement was unchanged (“interest rates will stay low, or lower for an extended period of time”) and the only notable tweak in the forecasts was the 2017 inflation uplift to 1.7% from 1.4% previously. But 45 minutes later in the press conference an upbeat Draghi boosted the Euro and pushed core Global Yields higher as he ever so slightly suggested the ECB door could be opening to the possibility of a change in policy stance in the future.