Draghi did not promise new initiatives - BBH

Research Team at BBH, notes that the euro stabilized after marginally extending yesterday's retreat in early Asia. 

Key Quotes

“Some linked the pullback in the euro to Draghi's comments that there was addition stimulus in the pipeline.  However, recall that the euro peaked yesterday as the European markets were preparing to open near $1.1350.  As the US foreign exchange session got under way, the euro had already slipped back below the $1.1300 support area. 

Draghi did not promise new initiatives.  Instead, he was referring to the fact that the impact of its current measures has not been fully felt.  And how could they be?  The corporate bond buying program just got underway.  The second round of Targeted Long-Term Repo Operations get launched tomorrow.  The ECB continues to expand its balance sheet by 80 bln euros a month.”